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Illinois grain prices in country elevators

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[November 10, 2012]  SPRINGFIELD -- This is Friday's report of the grain prices and trends, prepared by the USDA and the Illinois Department of Agriculture.


Illinois country grain prices were lower on Friday, with soybean futures ending sharply lower.

The sharply lower soybean close was traders' reaction to the USDA's report Friday morning.

The USDA's forecast for the US soybean production was higher than expected.

The US soybean yield was expected to be 39.3 bushels per acre.

The Illinois soybean crop was expected to average 43 bushels per acre with corn at 101 bushels per acre.

In Northern and Western Illinois country grain dealers quoted shelled corn bids 1 to 2 cents lower at 7.18-7.31.

Soybean bids were 42 to 47 cents lower at

In Central Illinois country grain dealers quoted shelled corn bids were 1 to 3 cents lower at 7.29-7.46.

Soybean bids were 44 to 49 cents lower at 14.31-14.52.

In the Southern part of the state, shelled corn bids were mixed at 7.23-7.53.

Soybean bids were 43 to 48 cents lower at 14.31-14.54.

Wheat bids were 15 to 20 cents lower at 8.54-8.84.

Illinois grains-Grain futures ended mixed at the Chicago Board of Trade, with wheat higher and corn and soybeans moving lower.

Many traders looked forward to the USDA's crop report on Friday. Many wanted to take profits on positions and head to the sidelines or bet the USDA would increase the size of the US soybean crop and sell the market.

Wheat futures would get a boost from stronger European prices and low crop condition ratings from the southern plain states.

Corn futures continue to get pressure from poor export sales figures and export

The size of the US corn and soybean crop increased from the October forecasts, in the USDA's Crop Production and Supply Demand reports released Friday morning. If you were one of those traders betting on a larger soybean crop, you would have been correct.

 The US soybean crop was forecasted to be 2.971 billion bushels in the November report, up from 2.86 billion in October.

The average yield was up to 39.3 bushels per acre, up from 37.8 in October.

The size of the corn crop was also estimated to be a little bigger than the October forecast.

The US corn production was estimated at 10.725 billion bushels, up from 10.706 billion in October.

The average yield also received a boost from 122.0 bushels per acre in October to 122.3 bpa in the November report.

Ending stock estimates were also larger than the October forecast with soybeans at 140 million bushels, corn at 647 million and wheat at 704 million bushels.

The Illinois numbers for yield and production were also up in the November report. The average yield for corn increased from 98 bushels per acre in October to 101 bpa in the November report that also would compare to 157 bpa last year.

Corn production in Illinois this year was forecasted at 1.252 billion bushels.

The average soybean yield also went up in the November report. This month the average soybean yield was forecasted at 43 bpa, up from 39 bpa last month and compares to 48 bpa last year. Soybean production in Illinois was forecasted to be 378.4 million bushels.

The drier weather last week helped farmers make good progress with soybean harvest. According to the USDA's Illinois Weather and Crops report, from the Illinois Field Office in Springfield, the Illinois corn harvest had reached 98% complete, compared to 94% last week and 77% for the five year average. The soybean crop was 96% harvested in the state of Illinois, compared to 87% last week and 87% for the five year average. Wheat planting was 96% done, compared to 81% last week and 86% for the five year average.

Our young Illinois wheat crop was in much better shape than the crop in the southern plains. The Illinois crop placed 78% in the good to excellent range, with 21% fair and only 1% rated poor.

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The trading in the cash grain market was slow to moderate. Many grain merchandisers switched their spot basis month from November (X) to January (F), so there will be no comparison on spot basis in many cases. Cash basis was mixed for the week, but felt weaker than it was.

The Central Illinois Soybean Processors cash bids dropped 57 to 63 cents to 15.10-15.13, with basis at +14F
to +17F.

The Central Illinois Corn Processors cash bids were down 10 cents ranging from 7.41-7.51, with basis steady ranging from option Z to +10Z. At the Illinois River terminals south of Peoria, cash corn bids ended 7 to 13 cents lower ranging from 7.25-7.36, with basis mixed at -16Z to -5Z. Cash soybean bids lost 63 to 64 cents at 14.96-15.02, with basis ranging from option F to +6F.

New crop wheat bids for delivery in July 2013 ended 18 to 21 cents higher ranging from 8.63-8.65, with basis steady to 3 cents higher at -32N to -30N.

At the Illinois River terminals north of Peoria, cash corn bids fell 5 cents to 7.28-7.31, with basis 5 cents higher at -13Z to -10Z. Cash soybean bids were down 55 cents to 14.94-14.98, with basis ranging from -2F to +2F.

New crop wheat bids for July 2013 delivery gained 18 cents to range from 8.68-8.70, with basis steady at -27N to -25N. At the St. Louis terminals cash corn bids were up 5 to 15 cents at 7.26-7.42, with soybeans down 42 to 52 cents ranging from 15.10-15.11.

 Cash bids for Soft Red Winter wheat gained 37 cent to 8.90-8.91 and cash sorghum bids were 20 cents lower to range from 6.90-6.91.

In northern and western Illinois, cash corn bids to producers at country elevators were 6 to 13 cents lower at 7.23-7.33, with central Illinois locations down 10 to 14 cents at 7.31-7.48 and in southern Illinois bids lost 6 to 22 cents to range from 7.05-7.55.

Cash soybean bids in northern and western locations were 62 to 64 cents lower at 14.63-14.78 with central Illinois bids down 64 to 73 cents at 14.78-14.91 and southern Illinois bids fell 56 to 58 cents to range from 14.76-14.99.

Cash wheat bids for Soft Red Winter wheat in southern Illinois locations gained 44 to 49 cents to 8.85-9.03.

New crop wheat bids for June-July delivery in southern Illinois gained 18 to 19 cents to range from 8.39-8.66.


Commercial grain prices paid farmers by Interior Illinois Country Elevators after 2.00 p.m. Friday are listed below in dollars per bushel:


US 2


US 1


 US 2




7.22 - 7.31 14.19 - 14.31  


7.18 - 7.27 14.23 - 14.31  


7.30 - 7.43 14.35 - 14.46  


7.29 - 7.46 14.31 - 14.52  


7.42 - 7.53 14.31 - 14.48 8.54 - 8.81


7.23 - 7.28 14.38 - 14.50 8.62 - 8.80


7.47 - 7.51 14.32 - 14.54 8.67 - 8.84

Central Illinois average price

Corn: 7.37 1/2 (-1 Z)
14.41 1/2 (-10 F)



US 2


US 1


 ***US 2




7.30 - 7.44 14.20 - 14.35  


7.25 - 7.37 14.32 - 14.39  


7.39 - 7.47 14.39 - 14.48  


7.30 - 7.58 14.39 - 14.54  


7.51 - 7.64 14.47 - 14.56 8.58 - 8.59


7.26 - 7.34 14.49 - 14.59

8.32 - 8.39


7.58 - 7.67

14.51 - 14.59

8.50 - 8.57

***June/July 2013 delivery

Cent. Ill. Average Price at Country Elevators

Week of


  Price--Basis Price--Basis


7.51 1/2 + 1/2 Z

 7.40 - 2Z 


15.53 -5 1/2 X

15.52 -12X

Annual Comparison


October 2012

October 2011

  Price--Basis Price--Basis


7.48 - 2Z

6.23 - 9Z


15.27 -12X

11.87 -27X

[Text copied from USDA-IL Dept of Ag Market News, Springfield]

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