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Illinois country grain prices were
higher on Friday afternoon.
While traders believed the USDA
reports were considered bearish, thoughts of hot and dry
conditions for the cornbelt drove futures prices higher.
In Northern and Western Illinois country grain dealers quoted
shelled corn bids 11 to 22 cents higher at 6.60-6.82.
Soybean bids traded 43 to 44 cents
higher at 14.95-15.05.
In Central Illinois country grain dealers quoted shelled corn
bids were steady to 1 cent higher at 6.59-6.76.
Soybean bids were 40 cents higher
at 14.92-15.08.
Wheat bids were 21 to 24 cents
higher at 7.19-7.31.
In the Southern part of the state, shelled corn bids were mixed
at 6.78-6.94.
Soybean bids were 37 to 48 cents
higher at 14.96-15.22.
Wheat bids were 14 cents higher at
7.23-7.67.
Illinois grains-Grain futures ended sharply higher. It really
didn’t matter what other fundamental news was in the grain
market, the main focus was the weather and the weather forecast.
The weather last
week was a continuation of the hot and dry pattern that had
affected most of the cornbelt states. The thought of 100 degree
plus temperatures for the cornbelt only pushed prices higher.
In the USDA’s Weekly Crop Progress
report, the condition of the US corn crop fell by
7%, by placing 56% in the good to excellent category.
The condition of the US soybean
crop fell by only 3%, by placing 53% in the good to
excellent range.
While traders waited for weeks for the release of the Planting
Intentions and Quarterly Grain Stocks reports, the reaction to
the report didn’t last very long. The reports were considered
neutral to bearish by traders.
In the Planting Intentions report,
the USDA
forecasted the US farmers planted 96.41 million acres to corn,
76.08 million acres to soybeans, 56.02 million acres to wheat,
and 12.00 million acres of Spring wheat.
In the Quarterly Grain Stocks
report, corn stocks were slightly lower and soybeans and wheat
were slightly higher than trader’s expectations.
Stocks of US corn on June 1, 2012
were estimated at 3.149 billion bushels, with soybeans at 667
million bushels and wheat at 743 million bushels.
The crop conditions continue to fall this week due to dry soil
conditions.
According to the USDA’s Illinois
Weather and Crops report, from the Illinois Field Office in
Springfield, the Illinois corn crop placed only 37% in the good
to excellent range, down 15% from last week, there was 41% fair
and 22% very poor to poor.
The condition of the state’s
soybean crop also fell by 12%, with 35% of the soybean crop in
the good to excellent range, with 44% fair and 21% in the very
poor to
poor range.
The topsoil moisture ratings also
continued to go down, placing 0% in the surplus category, with
16% adequate, down 13%, 41% short and 43% very short.
The subsoil ratings also dropped;
there was
16% in the adequate range, with 48% short and 36% in the very
short category.
There was 17% of the corn crop in
the silk stage, compared to less than 1% for last year and 3%
for the five year average.
The wheat crop was 84% harvested,
compared to 32% last year and 37% for
the five year average. Harvest had finally reached the northern
edge of the state, so harvest for Illinois producers was in its
final
stages.
The trading in the cash grain market was slow to moderate this
week, as higher bids encouraged some farmers to make additional
sales of cash and new crop grain.
While futures prices went up this
week, the
cash corn basis went sharply lower. Both the corn processor and
river terminals dropped their cash corn basis.
At the Central Illinois Soybean
Processors cash bids ended 24 to 25 cents higher at 14.83-14.90,
with basis down 3 to 4 cents ranging from +17N to +24N.
The Central Illinois Corn
Processors cash bids were 47 to 55 cents higher with bids
ranging from 6.71-6.86, and basis was 11 to 20 cents lower at
+19N to +34N.
[to top of second column] |
At the Illinois River terminals
south of Peoria,
cash corn bids ended 49 to 50 cents higher ranging from
6.65-6.72, with basis down 16 to 17 cents at +13N to +20N.
Cash soybean bids increased 34 to
35 cents at 14.81-14.87, with basis 6 to 7 cents
higher ranging from +15N to +21N.
Wheat bids ended 59 cents stronger
ranging from 7.11-7.18, with basis down 5 cents at -15N to -8N.
New crop corn bids for October
delivery were up 78 to 80 cents to range from 6.11-6.18, with 2
to 4 cents lower at -21Z to -14Z.
New crop soybean bids gained 37 to
41 cents to 14.06-14.08, with basis up 5 to 9 cents at +3X to
+5X.
At the Illinois River terminals
north of
Peoria, cash corn bids gained 50 cents to 6.64-6.68, with basis
down 16 cents at +12N to +16N.
Cash soybean bids advanced 30 to
32 cents
to 14.79-14.85, with basis up 2 to 4 cents ranging from +13½ N
to +19N.
Cash wheat bids gained 64 to 65
cents to 7.20-7.21, with basis steady to 1 cent higher at -6N to
-5N.
New crop corn bids for October
1delivery ended 84 cents stronger at 6.10-6.12, with basis up 2
cents ranging from -22Z to -20Z.
New crop soybean bids gained 40 to
42
cents to 13.97-14.01, with basis 8 to 10 cents higher at -6X to
-2X.
At the St. Louis terminals cash corn bids were 50 cents higher
at 6.80-6.81, with soybeans up 33 to 35 cents from 14.94-14.95.
Cash bids for Soft Red Winter
wheat gained 65 cents to 7.32-7.33, and cash sorghum bids were
67 cents higher to range from 6.18-6.19.
In northern and western Illinois, cash corn bids to producers at
country elevators were 34 to 42 cents higher at 6.49-6.64, with
central Illinois locations gained 58 cents at 6.58-6.76 and in
southern Illinois bids increased 47 to 54cents to range from
6.55-6.97.
Cash soybean bids in northern and
western were up 29 cents at 14.51-14.62 with central Illinois
bids gaining 26 to 30 cents to 14.52-14.68 and southern Illinois
increased 27 to 29
cents at 14.59-14.74.
Cash wheat bids for Soft Red
Winter wheat
in central Illinois gained 50 to 63 cents to 6.95-7.10, with
southern Illinois locations up 59 to 71 cents at 7.09-7.53.
New crop corn bids to producers at the country elevators in
northern and western Illinois were up 80 to 81 cents to range
from 5.90-6.00, with central Illinois locations gaining 82 to 89
cents at 5.95-6.17 and in southern Illinois bids increased 81 to
88 cents to 6.08-6.25.
New crop soybean bids for October
delivery in northern and western Illinois were up 30 to 35 cents
at 13.63-13.78, with central Illinois locations gaining 32 to 37
cents at 13.66-13.85 and in southern Illinois bids advanced 32
to 36 cents at 13.77-13.94.
___
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 |
6.70 - 6.82 |
14.98 - 15.02 |
|
|
WESTERN |
6.60 - 6.66 |
14.95 - 15.05 |
|
|
N. CENT. |
6.59 - 6.72 |
14.92 - 14.99 |
|
|
S. CENTRAL |
6.67 - 6.76 |
14.94 - 15.08 |
7.19 - 7.31 |
|
WABASH |
6.84 - 6.94 |
14.96 - 15.06 |
7.44 - 7.49 |
|
W.S. WEST |
6.78 - 6.81 |
15.10 - 15.22 |
7.23 - 7.29 |
|
L. EGYPT |
6.78 - 6.86 |
15.05 - 15.17 |
7.54 - 7.67 |
Central Illinois average price
Corn: 6.67 1/2 (- 5 N)
Soybeans:
15.00 (-13 N)
CONTRACT BIDS FOR NEW CROP 2012 DELIVERY
|
AREA |
US 2
CORN |
US 1
SOYBEANS |
***US
2
SOFT
WHEAT |
|
NORTHERN |
5.95 – 6.00 |
13.88 - 13.97 |
|
|
WESTERN |
5.94 - 6.04 |
13.99 – 14.02 |
|
|
N. CENT. |
5.97 - 6.09 |
13.90 – 14.01 |
|
|
S. CENTRAL |
6.03 - 6.14 |
13.98 – 14.09 |
--- |
|
WABASH |
6.10 - 6.25 |
14.03 – 14.24 |
--- |
|
W.S. WEST |
6.07 - 6.22 |
14.07 – 14.20 |
--- |
|
L. EGYPT |
6.15 - 6.27 |
14.02 – 14.11 |
--- |
Cent. Ill. Average Price at Country
Elevators
|
Week of |
6/28/2012
|
6/21/2012 |
| |
Price Basis |
Price Basis |
|
Corn |
6.67 +15 N
|
6.09 +22 1/2 N |
|
Soybeans |
14.60 - 6 N
|
14.32 - 6 1/2 N |
[Text copied from
USDA-IL
Dept of Ag Market News, Springfield]
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