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Illinois grain prices in country elevators

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[August 17, 2013]  SPRINGFIELD -- This is Friday's report of the grain prices and trends, prepared by the USDA and the Illinois Department of Agriculture.

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Illinois country grain prices were lower on Friday afternoon.

Technical trading at the Board of Trade helped to push grain prices lower.

Export sales continue to support soybean prices. Friday morning it was announced the US had sold 410,000 tonnes of US soybeans to China and an unknown destination.

In Northern and Western Illinois country grain dealers quoted shelled corn bids were 4 to 7 cents lower at 5.79-6.04.

Soybean bids were mostly 7 to 17 cents lower at 13.56-13.82.

In Central Illinois country grain dealers quoted shelled corn bids were 9 cents lower at 5.81-6.08.

Soybean bids were 10 to 14 cents lower at 13.86-14.09.

In the Southern part of the state, shelled corn bids were 8 cents lower at 5.44-5.90.

Soybean bids were 5 to 7 cents lower at 13.40-13.89. Wheat bids were 6 cents lower at 5.96-6.17.


Illinois grains ended mixed this week at the Board of Trade, with soybeans and corn higher and wheat slightly lower.

Traders had waited for the release of the USDA's August Crop Production report.

Both production estimates for corn and soybeans were lower than expected and it gave more of a boost to soybean prices than corn.

In the report the USDA forecasted the US corn production at 13.76 billion bushels, with an average yield of 154.4 bushels per acre.

The US soybean production was estimated at 3.244 billion bushels, with an average yield of 42.6 bushels per acre.

Export sales also helped to lift soybean futures, with sales of 1.893 million tonnes, with China being a major buyer again this week.

The production estimates for the Illinois corn and soybean crops looked like this.

The USDA estimated the 2013 Illinois corn crop to produce 1.963 billion bushels, with an average yield of 165 bushels per acre.

This compares to the 2012 crop which produced only 1.286 billion bushels, with an average yield of 105 bushels per acre.

The corn production estimate for 2013 would put Illinois in second place in US corn production.

The soybean production estimate for Illinois was 439.4 million bushels, with an average yield of 47 bushels per acre.

This compares to last year's production of 383.5 million bushels and an average yield of 43 bushels per acre.

If this production is achieved, it would place Illinois in the top spot in US soybean production.

This week's Illinois Weather and Crops report, released by the Illinois Field office of the National Ag Statistics Service, showed a decrease in the crop condition ratings this week.

As of August 11th, the Illinois corn crop placed 68% in the good to excellent category, down 4% from one week ago.

The Illinois soybean crop was 4% lower from last week at 70% good to excellent category.

Topsoil moisture declined 14% with 59% adequate, 2% surplus and 39% very short to short.

The western region returned to the driest region this week, with 68% of that region short of moisture.

This week there was 50% in the dough stage, compared to 89% last year and the five year average of 64%.

There was 6% in the dent stage, compared to 59% last year and 26% for the five year average.

There was 90% of the state's soybean crop blooming, compared to 98% last year and 91% for the five year average.

There was 63% of the state's soybean crop setting pods, compared to 87% last year and 67% for the five year average.

Pasture conditions for grazing were rated at 10% very poor to poor, with 31% fair and 59% rated good to excellent.

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

With the new crop grain harvest getting closer, some farmers continued to empty bins to get ready for grain harvest.

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As a rule this week, the cash corn basis improved, while the soybean and wheat basis weakened.

The Central Illinois Soybean Processors cash bids were up 76 to 81 cents to 14.25-14.45, with basis steady to 5 cents lower ranging from +160X to +180X.

At the Central Illinois Corn Processors cash bids were 18 cents higher ranging from 6.21-6.36, with basis 10 cents higher at +140U to +155U.

At the Illinois River terminals south of Peoria, cash corn bids were up 8 to 18 cents ranging from 5.61-5.76, with basis steady to 10 cents stronger ranging from +80U to +95U.

Cash soybean bids gained 21 to 34 cents with bids ranging from 13.45-13.61, with basis falling 47 to 60 cents ranging from +80X to +96X.

Wheat bids were 12 to 13 cents lower ranging from 6.07-6.23, with basis 8 to 9 cents lower at -30U to -14U.

At the Illinois River terminals north of Peoria, cash corn bids gained 17 to 18 cents to 6.11-6.17, with basis up 9 to 10 cents at +130U to +136U.

Cash soybean bids were up 37 to 44 cents to range from 13.95-14.04, with basis down 37 to 44 cents ranging from +130X to +139X.

Wheat bids were 24 to 28 cents lower ranging from 6.02-6.11, with basis down 20 to 24 cents at -35U to -26U.

At the St. Louis terminals cash corn bids closed 24 to 33 cents higher ranging from 5.41-5.77, with soybeans up 35 to 49 cents ranging from 13.45-13.51.

Cash bids for Soft Red Winter wheat were 25 cents lower at 6.26-6.27 and cash sorghum bids were 7 cents lower at 6.30-6.31.

In northern and western Illinois, cash corn bids to producers at country elevators were up 9 to 17 cents at 5.86-6.08, with central Illinois locations 14 to 22 cents higher at 5.90-6.17 and in southern Illinois bids gained 8 to 14 cents ranging from 5.52-5.98.

Cash soybean bids in northern and western locations were up 66 to 74 cents at 13.55-13.75, with central Illinois bids gaining 75 to 84 cents at 14.00-14.19 and southern Illinois bids were 53 to 77 cents higher ranging from 13.45-13.96.

Cash wheat bids for Soft Red Winter wheat in southern Illinois fell 14 to 30 cents ranging from 6.02-6.23.

___

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

5.79 - 5.90 13.58 - 13.64  

WESTERN 

5.88 - 6.04 13.56 - 13.82  

N. CENT.

5.81 - 5.96 13.89 - 14.09  

S. CENTRAL

5.89 - 6.08 13.86 - 13.99  

WABASH 

5.79 - 5.84 13.83 - 13.89 6.06 - 6.16

W.S. WEST

5.64 - 5.90 13.40 - 13.56 5.99 - 6.17

L. EGYPT

5.44 - 5.49 13.79 - 13.89 5.96 - 6.06

Central Illinois average price

Corn:  5.94 1/2 (+121 U)
Soybeans:
13.97 1/2 (+138 X)


CONTRACT BIDS FOR NEW CROP 2013 DELIVERY

AREA 

US 2

CORN

US 1

SOYBEANS

 ***US 2

SOFT

WHEAT 

NORTHERN

4.34 - 4.43 12.29 - 12.34  

WESTERN 

 4.36 - 4.47 12.29 - 12.39  

N. CENT.

4.38 - 4.42 12.34 - 12.49  

S. CENTRAL

4.37 - 4.49 12.35 - 12.49  

WABASH 

4.36 - 4.46 12.39 - 12.49  

W.S. WEST

4.33 - 4.50 12.54 - 12.65  

L. EGYPT

4.38 - 4.41 12.42 - 12.49  

***June/July 2013 delivery
 

Cent. Ill. Average Price at Country Elevators

Week of

8/15/2013

8/8/2013

  Price--Basis Price--Basis

Corn

6.03 1/2 +122U

5.85 1/2 +112U

Soybeans

14.09 1/2 +144X 

13.32 +146X

Annual Comparison

 

July 2013 

August 2012

  Price--Basis Price--Basis

Corn

6.60 1/2 +132U

8.15 +11 1/2U

Soybeans

15.19 +85 1/2Q

17.09 +44 1/2X

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

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