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Illinois country grain prices were
lower on Friday afternoon, with corn and soybeans sharply lower.
Technical trading at the Board of Trade and profit taking
weakened corn and soybean futures.
Cash prices were also sharply
lower due to lower futures values and weaker cash basis for both
corn and soybeans.
In Northern and Western Illinois country grain dealers quoted
shelled corn bids were 12 to 16 cents lower at 6.68-6.89.
Soybean bids were sharply lower at
15.00-15.34.
In Central Illinois country grain dealers quoted shelled corn
bids were 21 to 25 cents lower at 6.75-6.91.
Soybean bids were sharply lower at
15.34-15.51.
In the Southern part of the state, shelled corn bids were mostly
11 to 15 cents lower at 6.74-6.93.
Soybean bids were sharply lower at
15.41-15.79.
Wheat bids were down 2 to 3 cents
at 6.55-6.71.
Illinois grains ended higher this
week at the Board of Trade. Traders concentrated on weather,
exports and the USDA's reports this week.
The weather forecast did help to
support higher prices, as drier weather moved into the western
cornbelt helping to move new crop prices up.
Exports were in the news several
times during the week. One of the largest sales of the week was
on Monday, with 840,000 tonnes of US wheat being sold to China.
There were also sales of US corn
to Mexico and soybeans to unknown destinations.
So China, known for their recent
purchases of soybeans, also bought 960,000 tonnes of US corn.
These export sales announcements
did help markets to move up.
The USDA's reports were neutral
for corn and soybeans, but added support to wheat values.
Tighter wheat stock numbers from the US and World Supply Demand
reports helped to keep wheat prices up for the week.
This week's Illinois Weather and Crops report, released by the
Illinois Field office of the National Ag Statistics Service,
indicated Illinois producers had almost finished soybean
planting chores.
As of July 7 the Illinois farmers
had reached 99% complete, compared to 97% last week and 99% for
the five year average.
Planting of double crop soybeans
after wheat harvest also continued.
Wheat harvest had reached 68%
complete, compared to 45% last week and 79% for the five year
average.
When wheat harvest resumed last
week, many farmers had reported yields to be very good.
The quality of the grain was much
better before the rain that delayed harvest.
Many reported test weights had
dropped significantly.
The condition of the Illinois corn
crop went down and soybeans went up.
There was 68% of the corn crop
rated good to excellent, with 24% fair and 8% rated very poor to
poor.
The state's soybean crop placed
73% in the good to excellent category, with 20% fair and 7% in
the very poor to poor range.
The trading in the cash grain market was slow to moderate this
week.
Merchandisers tried to pull every
bushel of old crop grain from producers that they could.
Helping to confuse that process
was some terminals and processors on different spot basis
months.
For soybeans, some were on July
(N) and some were on August (Q).
For corn, some were on July (N)
and some were on September (U).
That problem will end as the July
futures go off the Board today, Friday.
Sometimes there were wide spreads
in prices between processors and river terminals, so it does pay
dividends to make several calls before making the sale of grain.
For the most part this week, basis
did move lower, sharply lower in some cases.
[to top of second
column] |
The Central Illinois Soybean
Processors cash bids gained 6 to 11 cents ranging from
16.12-16.27, with basis down 20 to 25 cents ranging from +140Q
to +155Q.
At the Central Illinois Corn
Processors cash bids were 3 to 23 cents higher ranging from
7.11-7.41, with basis at +150U to +180U.
At the Illinois River terminals
south of Peoria, cash corn bids were up 32 to 35 cents ranging
from 7.14-7.23, with basis up 3 to 6 cents ranging from +153U to
+162U.
Cash soybean bids were down 16 to
19 cents with bids ranging 15.89-15.94, with basis dropping 47
to 50 cents ranging from +117Q to +122Q.
Wheat bids were 21 to 23 cents
higher ranging from 6.66-6.73, with basis up 3 to 5 cents at
-17U to -10U.
At the Illinois River terminals
north of Peoria, cash corn bids gained 19 to 25 cents at
7.05-7.22, with basis 14 to 20 cents lower at -12N to +5N.
Cash soybean bids lost 1 to 3
cents to range from 16.01-16.05, with basis 19 to 21cents lower
ranging from option N to +4N.
Wheat bids were 28 to 31 cents
higher ranging from 6.74-6.78, with basis gaining 10 to 13 cents
at -9U to -5U.
At the St. Louis terminals cash
corn bids closed 28 to 58 cents higher ranging from 6.90-7.22,
with soybeans mixed ranging from 16.00-16.12.
Cash bids for Soft Red Winter
wheat were 23 cents higher at 6.92-6.93 and cash sorghum bids
were 27 cents higher at 6.79-6.80.
In northern and western Illinois, cash corn bids to producers at
country elevators were up 34 to 38 cents at 6.84-7.01, with
central Illinois locations 20 to 39 cents higher at 6.96-7.16
and in southern Illinois bids gained 34 to 41 cents ranging from
6.79-7.06.
Cash soybean bids in northern and
western locations were up 4 to 12 cents at 15.70-15.84, with
central Illinois bids 7 to 29 cents higher at 15.83-16.13 and
southern Illinois bids were up 16 to 30 cents ranging from
15.93-16.42.
Cash wheat bids for Soft Red
Winter wheat in southern Illinois gained 13 to 21 cents ranging
from 6.58-6.73.
___
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 |
6.68 - 6.85 |
15.03 - 15.30 |
|
|
WESTERN |
6.75 - 6.89 |
15.00 - 15.34 |
|
|
N. CENT. |
6.75 - 6.91 |
15.34 - 15.37 |
|
|
S. CENTRAL |
6.78 - 6.90 |
15.39 - 15.51 |
|
|
WABASH |
6.86 - 6.93 |
15.57 - 15.64 |
6.55 - 6.62 |
|
W.S. WEST |
6.74 - 6.90 |
15.41 - 15.45 |
6.59 - 6.68 |
|
L. EGYPT |
6.81 - 6.93 |
15.59 - 15.79 |
6.64 - 6.71 |
Central Illinois average price
Corn: 6.83 (+137 1/2 U)
Soybeans:
15.42 1/2 (+113 1/2 Q)
CONTRACT BIDS FOR NEW CROP 2013 DELIVERY
|
AREA |
US 2
CORN |
US 1
SOYBEANS |
***US
2
SOFT
WHEAT |
|
NORTHERN |
4.77 - 4.94 |
12.19 - 12.37 |
|
|
WESTERN |
4.75 - 4.87 |
12.25 - 12.46 |
|
|
N. CENT. |
4.79 - 4.89 |
12.29 - 12.45 |
|
|
S. CENTRAL |
4.83 - 4.96 |
12.32 - 12.47 |
|
|
WABASH |
4.83 - 4.91 |
12.32 - 12.45 |
|
|
W.S. WEST |
4.87 - 4.99 |
12.44 - 12.52 |
|
|
L. EGYPT |
4.86 - 4.95 |
12.37 - 12.47 |
|
***June/July 2013 delivery
Cent. Ill. Average Price at Country
Elevators
|
Week of |
7/11/2013 |
7/3/2013
|
| |
Price--Basis |
Price--Basis |
|
Corn |
7.06 +145U |
6.76 1/2 +144U |
|
Soybeans |
15.98 +126Q |
15.80 +139Q |
Annual Comparison
|
|
June
2013 |
July
2012 |
| |
Price--Basis |
Price--Basis |
|
Corn |
6.94
+32N |
7.85
+251/2 U |
|
Soybeans |
15.49 +24 1/2 N |
16.60 -23Q |
[Text copied from
USDA-IL
Dept of Ag Market News, Springfield]
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