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Illinois country grain prices were
lower on Friday afternoon.
Technical trading at the Board of
Trade and weekend profit taking sent grain futures
lower.
Weekly export sales figures for
soybeans were a positive factor, but not enough to keep prices
higher.
Soybean sales for the week were
well
above trade expectations at 1.76 million tonnes.
In Northern and Western Illinois country grain dealers quoted
shelled corn bids mostly 11 to 18 cents lower at 7.24-7.35.
Soybean bids traded 9 to 20 cents
lower at 15.86-16.05.
In Central Illinois country grain dealers quoted shelled corn
bids were 14 cents lower at 7.24-7.44.
Soybean bids were 7 to 16 cents
lower at
15.74-16.09.
Wheat bids were 29 to 32 cents
lower at 7.71-7.88. In the Southern part of the state, shelled corn bids were 13 to
16 cents lower at 7.35-7.43.
Soybean bids were 6 to 13 cents
lower at 15.84-16.20.
Wheat bids were 37 cents lower at
7.64-8.16.
Illinois grains-Grain futures ended sharply higher. To say
the futures prices ended sharply higher for the week seems
something of an understatement.
The September soybean futures
ended 1.34 higher, with wheat up 92 cents and corn 82 cents
higher.
Weather markets are very volatile
and this week prices seemed to go straight up. The one
factor that did give the market additional strength was export
sales and export interest.
On Monday, the USDA announced the
fifth largest one day grain sale of 1.90 million metric tonnes
of soybeans to an unknown
destination for the 2012-2013 crop year.
On Friday morning, the USDA
announced the sale of 120,000 metric tonnes of US soybeans to
China for the 2011-2012 crop year.
Also on Friday morning, the weekly
export
sales figures were way over trade expectations for soybeans at
1.763
million metric tonnes.
So this week has been a very busy
week for
sales of US soybeans.
For corn, the weekly sales numbers
were at a
marketing year low at 153,500 metric tonnes.
Giving the market fuel on Tuesday
were the numbers from the Weekly Crop Progress report.
In that report, the US corn crop
placed 48% in the good to excellent category, down 8% from last
week.
The US soybean crop placed 45% in
the good to excellent range, down 8% from one week ago.
After another week of hot and dry
weather conditions, traders know that the numbers will fall
again in Monday's report, but just how far they will go down?
The Illinois crop conditions dropped again this week.
The hot and dry conditions
continue to take a toll on the state's agricultural crops.
According to the USDA's Illinois Weather and Crops report, from
the Illinois Field Office in Springfield, the Illinois corn crop
placed
only 26% in the good to excellent range, down 11% from last
week, there was 41% fair and 33% very poor to poor.
The condition of the state's
soybean crop also fell by 7%, with 28% of the soybean crop in
the good to excellent range, with 41% fair and 31% in the very
poor to poor
range.
The states pasture land was also
in very poor shape. It placed 7% in the good category, with 28%
fair and 65% in the very poor to poor range.
This fact was forcing many
livestock producers to start some type of supplement feeding,
whether it was grain or hay.
The topsoil moisture ratings
continue to fall, placing 0% in the surplus category, with 11%
adequate, 37% short and 52% very short.
The southeast section of the state placed 100% in the very short
category and the southwest section was right behind it with 95%
very short and 5% in the short
category.
The subsoil ratings also fell;
there was 10% in the adequate range, with 41% short and 49% in
the very short category.
As far as development goes, the
Illinois corn crop was ahead of the average pace with 46% of the
corn crop in the silk stage, compared to less than 6% for last
year and 15% for the five year average.
The soybean crop placed 25% in the
blooming stage, compared to 5% last year and 9% for the five
year average.
The trading in the cash grain market was slow to moderate this
week.
It seemed like the river terminals
wanted to buy grain over the processors.
Many terminals and processors
changed spot basis months this week for corn, soybeans, and
wheat, so it is hard to measure how much basis levels went up,
but it was stronger.
Some corn processors are slowing
production levels, so their needs for corn are lower.
Helping basis to go up at many
river terminals, especially for soybeans, was a higher level of
export sales.
[to top of second column] |
At the Central Illinois Soybean
Processors cash bids ended 1.30-1.35 higher at 16.18-16.20, with
basis ranging from +35Q
to +37Q.
The Central Illinois Corn
Processors cash bids were 92 to 93 cents higher with bids
ranging from 7.63-7.79, and basis ranged from
+54U to +70U.
At the Illinois River terminals
south of Peoria, cash corn bids ended 1.00-1.03 higher ranging
from 7.68-7.72, with basis at +59U
to +63U.
Cash soybean bids increased
1.48-1.51 at 16.32-16.35, with basis ranging from +49Q to +52Q.
Wheat bids ended .96-1.02 stronger
ranging from 8.13-8.14, with basis at -25U to -24U. New crop
corn bids for October delivery were up 72 to 76 cents to range
from 6.87-6.90, with basis steady to 4 cents lower at -21Z to
-18Z.
New crop soybean bids gained
1.14-1.17 to range from 15.20-15.25, with basis down 6 to
9 cents at -6X to -1X.
At the Illinois River terminals
north of Peoria,
cash corn bids gained 1.06-1.09 to 7.73-7.74, with basis at +64U
to +65U.
Cash soybean bids advanced 1.63-1.68 to 16.47-16.48, with basis
ranging from +64Q to +65Q.
Cash wheat bids gained 78 to 87
cents to 7.98-8.08, with basis at -40U to -30U.
New crop corn bids for October
delivery
ended 82 to 83 cents stronger at 6.92-6.95, with basis up 6 to 7
cents ranging from -16Z to -13Z.
New crop soybean bids gained
1.27-1.29 to
15.24-15.30, with basis 4 to 6 cents higher at -2X to +4X.
At the St. Louis terminals cash
corn bids were 89 to 99 cents higher at 7.69-7.80,
with soybeans up 1.50 ranging from 16.44-16.45.
Cash bids for Soft Red Winter
wheat gained 93 cents to 8.25-8.26, and cash sorghum bids were
30 cents higher to range from 6.48-6.49.
In northern and western Illinois, cash corn bids to producers at
country elevators were 86 to 89 cents higher at 7.35-7.53,
central Illinois locations gained 80 to 82 cents at 7.38-7.58
and in southern Illinois bids increased 72 to 93 cents to range
from 7.48-7.69.
Cash soybean bids in northern and
western were up 1.54-1.55 at 16.06-16.16 with central Illinois
bids gaining 1.38-1.48 to 15.90-16.16 and southern Illinois
increased 1.38-1.52 at 15.97-16.26.
Cash wheat bids for Soft Red
Winter wheat in central Illinois gained 1.07-1.10 to 8.02-8.20,
with southern Illinois locations up .92-1.00 at 8.01-8.53.
New crop corn bids to producers at the country elevators in
northern and
western Illinois were up 78 cents to range from 6.68-6.78, with
central Illinois locations gaining 79 to 84 cents at 6.79-6.96
and in southern Illinois bids increased 75 to 80 cents to
6.83-7.05.
New crop soybean bids for October
delivery in northern and western Illinois were up 1.22-
1.24 at 14.87-15.00, with central Illinois locations gaining
1.23-1.24 at 14.89-15.09 and in southern Illinois bids advanced
1.23-1.28 at 15.00-15.22.
___
Commercial grain prices paid farmers
by Interior Illinois Country Elevators after 2.00 p.m. Friday
are listed below in dollars per bushel:
|
AREA |
US 2
CORN |
US 1
SOYBEANS |
US 2
SOFT
WHEAT |
|
NORTHERN |
7.24 - 7.35 |
15.86 - 15.93 |
|
|
WESTERN |
7.27 - 7.31 |
15.95 - 16.05 |
|
|
N. CENT. |
7.24 - 7.36 |
15.90 - 16.09 |
|
|
S. CENTRAL |
7.34 - 7.44 |
15.74 - 15.85 |
7.71 - 7.88 |
|
WABASH |
7.35 - 7.41 |
15.84 - 15.85 |
7.90 - 8.13 |
|
W.S. WEST |
7.35 - 7.40
|
16.07 - 16.20 |
7.64 - 7.71 |
|
L. EGYPT |
7.35 - 7.43 |
15.93 - 16.06 |
8.08 - 8.16 |
Central Illinois average price
Corn: 7.34
(+38 1/2 U)
Soybeans: 15.91 1/2 (+24 Q)
CONTRACT BIDS FOR NEW CROP 2012 DELIVERY
|
AREA |
US 2
CORN |
US 1
SOYBEANS |
***US
2
SOFT
WHEAT |
|
NORTHERN |
6.54 - 6.59 |
14.66 - 14.78 |
|
|
WESTERN |
6.51 - 6.61 |
14.78 - 14.80 |
|
|
N. CENT. |
6.65 - 6.77 |
14.68 - 14.79 |
|
|
S. CENTRAL |
6.63 - 6.80 |
14.71 - 14.85 |
|
|
WABASH |
6.88 - 6.91 |
14.90 - 15.01 |
|
|
W.S. WEST |
6.69 - 6.73 |
14.95 - 15.02 |
|
|
L. EGYPT |
6.81 - 6.87 |
14.79 - 14.93 |
|
Cent. Ill. Average Price at Country
Elevators
|
Week of |
7/5/2012 |
6/28/2012
|
| |
Price Basis |
Price Basis |
|
Corn |
7.48
+39 U |
6.67 +15 N
|
|
Soybeans |
16.03
+20 Q |
14.60 - 6 N
|
[Text copied from
USDA-IL
Dept of Ag Market News, Springfield]
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