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Illinois country grain prices were
higher on Friday afternoon.
Grain futures were supported by an
extended hot and dry weather forecast, along with many private
forecasters lowering both corn and soybean outlooks.
Wheat futures were strengthened by
a lower estimate for the Russian wheat crop.
In Northern and Western Illinois country grain dealers quoted
shelled corn bids 16 to 17 cents higher at 7.77-7.98.
Soybean bids traded 20 to 23 cents
higher at 16.95-17.10.
In Central Illinois country grain dealers quoted shelled corn
bids were 17 cents higher at 8.02-8.23.
Soybean bids were 26 to 28 cents
higher
at 16.99-17.16.
Wheat bids were 13 to 14 cents
higher at 8.75-8.81.
In the Southern part of the state, shelled corn bids were 10 to
11 cents higher at 7.95-8.40.
Soybean bids were 17 to 24 cents
higher at
16.92-17.18.
Wheat bids were 11 to 14 cents
higher at 8.61-8.98.
Illinois grains-Grain futures
ended sharply lower.
This week the grain markets went
lower as many funds and speculators took profits from long
positions.
Technical trading also helped to
weaken prices.
Slow weekly export sales figures
for corn weighed on grain futures as both figures
for old and new crop were negative numbers.
As expected the crop condition
ratings dropped again in the USDA's Weekly Crop Progress report.
In the report released last
Monday, the US corn crop placed 26% in the good to excellent
category, down 5% from last week and the US soybean crop placing
31% in the good to excellent range, down 3% from
the prior week.
The Illinois crop conditions continue to drop as the dry and hot
weather continue to punish the state's crops.
According to the USDA's Illinois
Weather and Crops report, from the Illinois Field Office in
Springfield, the Illinois corn crop placed 7% in the good range,
down 4% from last week, there was 27% fair and 66% very poor to
poor.
The condition of the state's
soybean crop also fell by 4%, with 13% of the soybean crop in
the good to excellent range, with 38% fair and 49% in the very
poor to poor range.
The state's pasture land placed 1%
in the good category, with 8% fair and 91% in the very poor to
poor range.
The topsoil moisture ratings
continue to drop, placing 0% in the surplus category, with only
1% adequate, 19% short and 80% very short.
The subsoil ratings also continue
to fall; there were 3% in the adequate range, with 20% short and
77% in the very short category.
This week there are 6 out of the 9
districts that are 100% in the very short to short category.
The Illinois corn crop placed 8%
of the corn crop in the dent stage, compared to less than 1% for
last year and 1% for the five year average.
With the early planting and hot
and dry conditions, many farmers believe they will be able to
begin corn harvest early this year.
There are a few thinking that they
will begin harvest in two to three weeks.
The soybean crop had 40% setting
pods, compared to 13% last year and 18% for the five year
average.
The trading in the cash grain market was slow to moderate this
week.
Basis wise it was somewhat of a
confusing week.
Some grain buyers were moving to
the December (Z) futures from September (U) for their spot basis
month for corn.
The corn processors still wanted
to buy
corn and kept their basis very strong.
The Illinois River terminals
suffered as the gulf basis weakened and barge freight went up,
putting their cash corn basis sharply lower for the week.
Also effecting the river
transportation was low water levels in the Illinois and
Mississippi Rivers.
Effective this week, all barges
will load to 9
foot drafts along the Illinois River, increasing the cost of
transportation since barges cannot be filled with as much grain.
Even with the increased cost, the
Illinois River terminals were very competitive with the soybean
processors for cash soybeans.
At the Central Illinois Soybean
Processors cash bids ended .83 to 1.08 lower at 16.86-17.16,
with basis down 5 to 30 cents ranging from +30Q to +60Q.
The Central Illinois Corn
Processors cash bids were steady to 2 cents lower with bids
ranging from 8.06-8.19, and basis increasing
25 to 27 cents ranging from +25U to +38U.
[to top of second column] |
At the Illinois River terminals
south of Peoria, cash corn bids ended 48 cents lower
ranging from 7.86-7.90, with basis falling 21 cents at +5U to
+9U.
Cash soybean bids lost 75 cents to
17.12-17.16, with basis 3 cents higher ranging from +56Q to
+60Q.
Wheat bids ended 43 to 55 cents
lower ranging from 8.30-8.50, with basis mixed at -54U to -34U.
New crop corn bids for October
delivery were down 1 to 4 cents to range from 7.68-7.74, with
basis mixed at -8Z to option -2Z.
New crop soybean bids dropped 89
to 92 cents to range from 15.58-15.65, with
basis down 4 to 7 cents at -9X to -2X.
At the Illinois River terminals
north of Peoria, cash corn bids were down 46 to 49 cents
at 7.83-7.88, with basis down 19 to 22 cents at +2U to +7U.
Cash soybean bids lost 71 to 77
cents at 17.06-17.09, with basis 1 to 7 cents higher ranging
from +50Q to +53Q.
Cash wheat bids dropped 57 to 68
cents to 8.30-8.37, with basis 6 to 17 cents lower at -54U to
-47U.
New crop corn bids for October
delivery ended 1 to 2 cents weaker at 7.63-7.66, with basis
steady to 1 cent lower ranging from -13Z to -101/2 Z.
New crop soybean bids declined 88
cents to 15.57-15.60, with basis 3 cents lower at -10X to -7X.
At the St. Louis terminals cash
corn bids were 41 to 44 cents lower at 8.02-8.07,
with soybeans down 65 to 67 cents ranging from 17.22-17.23.
Cash bids for Soft Red Winter
wheat dropped 66 cents to 8.48-8.49, and cash sorghum bids were
9 cents higher to range from 7.05-7.06.
In northern and western Illinois, cash corn bids to producers at
country elevators were 35 to 40 cents lower at 7.61-7.81,
central
Illinois locations dropped 33 to 34 cents at 7.85-8.06 and in
southern Illinois bids decreased 26 to 39 cents to range from
7.85-8.29.
Cash soybean bids in northern and
western were down 73 to 75 cents at 16.72-16.87 with central
Illinois bids losing 78 to 84
cents to 16.71-16.90 and southern Illinois bids fell 67 to 78
cents at 16.68-17.01.
Cash wheat bids for Soft Red
Winter wheat in
central Illinois dropped 38 to 50 cents to 8.62-8.67, with
southern Illinois locations down 59 to 63 cents at 8.47-8.87.
New crop corn bids to producers at the country elevators in
northern and western Illinois were up 1 to 2 cents to range from
7.39-7.55, with central Illinois locations down 2 to 13 cents at
7.51-7.69 and in southern Illinois bids decreased 1 to 4 cents
to 7.60-7.88.
New crop soybean bids for October
delivery in northern and western Illinois were down 68 to 81
cents at 15.30-15.45, with central
Illinois locations dropping 82 to 96 cents at 15.30-15.53 and in
southern Illinois bids declined 84 cents to 15.46-15.68.
___
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 |
7.77 - 7.88 |
16.95 - 17.08 |
|
|
WESTERN |
7.89 - 7.98 |
16.99 - 17.10 |
|
|
N. CENT. |
8.02 - 8.16 |
16.99 - 17.12 |
|
|
S. CENTRAL |
8.13 - 8.23 |
17.04 - 17.16 |
8.75 - 8.81 |
|
WABASH |
8.30 - 8.39 |
16.92 - 17.10 |
8.80 - 8.98 |
|
W.S. WEST |
7.95 - 8.17 |
17.03 - 17.18 |
8.61 - 8.78 |
|
L. EGYPT |
8.37 - 8.40 |
16.92 - 17.04 |
8.80 - 8.90 |
Central Illinois average price
Corn: 8.12 1/2 (+14 U)
Soybeans:
17.07 1/2 (+23 Q)
CONTRACT BIDS FOR NEW CROP 2012 DELIVERY
|
AREA |
US 2
CORN |
US 1
SOYBEANS |
***US
2
SOFT
WHEAT |
|
NORTHERN |
7.57 - 7.72 |
15.65 - 15.71 |
|
|
WESTERN |
7.56 - 7.69 |
15.68 - 15.79 |
|
|
N. CENT. |
7.69 - 7.86 |
15.72 - 15.78 |
|
|
S. CENTRAL |
7.81 - 7.99 |
15.77 - 15.87 |
|
|
WABASH |
7.97 - 8.06 |
15.82 - 15.97 |
|
|
W.S. WEST |
7.77 - 7.80 |
15.85 - 15.93 |
|
|
L. EGYPT |
7.91 - 8.13 |
15.97 - 16.02 |
|
Cent. Ill. Average Price at Country
Elevators
|
Week of |
7/26/2012 |
7/19/2012 |
| |
Price Basis |
Price Basis |
|
Corn |
8.29 +21 U |
8.29 +21 U |
|
Soybeans |
17.61 1/2 +28 Q |
17.61 1/2 +28 Q |
[Text copied from
USDA-IL
Dept of Ag Market News, Springfield]
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