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Illinois grain prices in country elevators

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[October 13, 2012]  SPRINGFIELD -- This is Friday's report of the grain prices and trends, prepared by the USDA and the Illinois Department of Agriculture.

(Copy)

Illinois country grain prices were sharply lower on Friday afternoon.

Poor export interest and profit taking at the Board of Trade pushed corn futures lower.

In Northern and Western Illinois country grain dealers quoted shelled corn bids 20 to 22 cents lower at 7.28-7.43.

Soybean bids were 24 to 27 cents lower at 14.91-15.02.

In Central Illinois country grain dealers quoted shelled corn bids were 20 to 21 cents lower at 7.41-7.56.

Soybean bids were 26 cents lower at
15.04-15.14.

In the Southern part of the state, shelled corn bids were 20 to 21 cents lower at 7.48-7.65.

Soybean bids were 23 to 26 cents lower at 15.00-15.23.

Wheat bids were 29 to 30 cents lower at 8.20-8.37.


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

Thursday's rally due to the reaction to the USDA's October Crop Production report put corn and wheat futures into positive territory for the week.

As the soybean harvest progressed, traders were hearing that soybean yields had been better than expected by farmers, this news weighed on prices.

However, good export demand keeps supporting the soybean market, as weekly export sales were over trade expectations at
500,700 metric tonnes.

In the October Crop Production report, the USDA forecasted the size of the US corn crop to be 10.706 billion bushels, with an average yield of 122 bushels per acre.

This compares to the September report which placed the size of the crop at 10.727 billion bushels, with an average yield of 122.8 bpa.

The size of the US soybean crop was estimated at 2.806 billion bushels, compared to 2.634 billion last month.

The average yield was estimated to be 37.8 bpa, compared to 35.3 bpa last month.

The carryout figure for corn was under the average trade estimate at only 619 million bushels, compared to 733 million last month.

The carryout number for soybeans was 130 million bushels, compared to 115 million last month.

In Illinois, the average yield estimate fell to under 100 bushels per acre for the 2012 corn crop.
The average yield of the Illinois corn crop was estimated at 98 bpa, compared to 110 bpa last month.

This would forecast Illinois corn production at 1.2 billion bushels, compared to 1.9 billion last year.

The state?s soybean crop was expected to average 39 bpa, compared to 37 bpa last month.

This would estimate Illinois soybean production at 343.2 million bushels, compared to 475.3 million last year.

The soybean harvest and wheat planting made excellent progress last week.

According to the USDA?s Illinois Weather and Crops report, from the Illinois Field Office in Springfield, the Illinois corn harvest had reached 80% complete, compared to 44% last year and 44% for the five year average.

The soybean crop was now 47% harvested in the state of Illinois, compared to 39% last year and 42% for the five year average.

Now that the Fly Free day has passed for
many areas of the state, wheat planting has expanded in many regions, especially the
southern and central.

Wheat planting was now 30% complete, compared to 9% last week and 26% for the five year average.

There was 4% of the crop already emerged, compared to 5% last year and 5% for the five year average.

The frost and cold temperatures this week will probably slow pasture production in many areas.

So far there was 23% rated good to

excellent, with 36% fair and 41% rated very poor to poor.

The trading in the cash grain market was slow to moderate.

Cash basis strengthened this week at both processors and river terminals. While both processors and river terminals wanted to become more competitive, the river terminals were also supported by lower rates for
spot barge freight.

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The Central Illinois Soybean Processors cash bids ended mixed at 15.58-15.63, with basis steady to 10 cents higher ranging from +10X to +15X.

The Central Illinois Corn Processors cash bids were up 16 to 18 cents ranging from 7.78-7.88, with basis steady to 2 cents higher ranging from +5Z to +15Z.

At the Illinois River terminals south of Peoria, cash corn bids ended 16 to 18 cents higher ranging from 7.60-7.65, with basis steady to up 2 cents at -13Z to -8Z.

Cash soybean bids gained 2 to 4 cents at 15.47-15.48, with basis up 5 to 7 cents ranging from -1X to option X.

New crop wheat bids for delivery in July 2013 ended 16 to 18 cents higher ranging from 8.27-8.31, with basis steady to 2 cents lower at -34N to -30N.

At the Illinois River terminals north of Peoria, cash corn bids gained 19 to 22 cents to 7.59-7.63, with basis up 3 to 6 cents at -14Z to -10Z.

Cash soybean bids were down 1 to 3 cents to 15.36-15.39, with basis steady to 2 cents higher ranging from -12X to -9X. New crop wheat bids for July 2013 delivery gained 18 to 19 cents to range from 8.26-8.36, with basis steady to up 1 cent at -35N to -25N.

 At the St. Louis terminals cash corn bids were 17 to 23 cents higher at 7.34-7.73, with soybeans up 1 to 3 cents ranging from 15.55-15.63.

Cash bids for Soft Red Winter wheat increased 35 to 37 cents to 8.63-8.66 and cash sorghum bids were 37 cents higher to range from 7.43-7.44.

In northern and western Illinois, cash corn bids to producers at country elevators were 16 to 26 cents higher at 7.50-7.63, with central Illinois locations up 12 to 16 cents at 7.62-7.76 and in southern Illinois bids gained 12 to 13 cents to range from 7.69-7.85.

Cash soybean bids in northern and western locations were mixed at 15.17-15.29 with central Illinois bids down 2 to 7 cents at 15.30-15.40 and southern Illinois bids were 1 cent higher at 15.23-15.49.

Cash wheat bids for Soft Red Winter wheat in southern Illinois locations increased 4 to 16 cents to 8.50-8.66.

New crop wheat bids for June-July delivery in southern Illinois gained 24 cents to range
from 8.12-8.38

___

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

7.37 - 7.43 14.94 - 15.02  

WESTERN 

7.28 - 7.39 14.91 - 14.96  

N. CENT.

7.41 - 7.50 15.06 - 15.14  

S. CENTRAL

7.42 - 7.56 15.04 - 15.14  

WABASH 

7.53 - 7.65 15.00 - 15.11 8.24 - 8.37

W.S. WEST

7.48 - 7.58 15.14 - 15.23 8.20 - 8.37

L. EGYPT

7.53 - 7.61 15.03 - 15.12 8.27 - 8.36

Central Illinois average price

Corn: 7.48 1/2 (- 2 Z)
Soybeans:
15.09 (-13 1/2X)

CONTRACT BIDS FOR JANUARY 2013 DELIVERY

AREA 

US 2

CORN

US 1

SOYBEANS

 ***US 2

SOFT

WHEAT 

NORTHERN

7.39 - 7.50 14.98 - 15.09  

WESTERN 

7.35 - 7.48 14.91 - 15.10  

N. CENT.

7.47 - 7.59 15.14 - 15.23  

S. CENTRAL

7.53 - 7.63 15.21 - 15.29  

WABASH 

7.68 - 7.81 15.07 - 15.22 8.00 - 8.11

W.S. WEST

7.60 - 7.70 15.25 - 15.37

7.91 - 8.18

L. EGYPT

7.73 - 7.78

15.20 - 15.30

 8.06 - 8.11

***June/July 2013 delivery
 

Cent. Ill. Average Price at Country Elevators

Week of

10/11/2012

10/4/2012    
  Price--Basis Price--Basis

Corn

7.69 -4Z

7.55 - 2Z      

Soybeans

15.35 -13 X

15.39 1/2 -12X

Annual Comparison

 

Sept 2012

Sept 2011

  Price--Basis Price--Basis

Corn

7.83 +6Z

 6.77 -17Z

Soybeans

16.95 -5X

13.12 -13X

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

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