[June 29, 2013]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
mixed on Friday afternoon.
In the USDA's Planted Acreage
report, the USDA estimated US corn acres to be 97.4 million
acres and soybeans at 77.7 million acres.
The corn estimate was above trade
expectations and the highest since 1936.
In the Quarterly Grain Stocks
report, the USDA estimated corn stocks, as of June 1st, to be
2.764 million bushels and soybean stocks at 435 million bushels.
In Northern and Western Illinois country grain dealers quoted
shelled corn bids were 15 to 25 cents lower at 6.57-6.77.
Soybean bids were 8 to 10 cents
higher at 15.55-15.73.
In Central Illinois country grain dealers quoted shelled corn
bids were mixed at 6.81-7.14.
Soybean bids were mixed at
15.60-15.71.
In the Southern part of the state, shelled corn bids were mostly
10 to 12 cents higher at 6.99-7.24.
Soybean bids were 15 to 16 cents
higher at 15.99-16.13.
Wheat bids were mostly 15 to 19
cents lower at 6.29-6.48.
Illinois grains ended mixed this
week at the Board of Trade, with soybeans higher and corn and
wheat futures lower.
Strong cash markets and even
stronger soybean meal values helped to lift soybean values this
week.
With soybean futures moving 51
cents higher this week, soybean meal futures were up 34.00 per
ton.
With strong basis for soybean meal
too, cash
bids for soybean meal would be in the 514.60 to 524.60 range,
some of the highest prices
ever.
Warmer weather conditions for the
cornbelt helped to improve the crop condition rating
for the nation's corn crop, however the better growing
conditions weighed on corn values.
Similar reasoning helped wheat
futures to fall this week.
Reports of higher than expected
yields and harvest pressure weaken wheat prices.
The major item on the mind of
traders this
week was the release of a couple of grain reports by the USDA.
On Friday, the USDA would release
their Quarterly Grain Stocks and Planted Acreage reports.
During the week, some traders
would even positions and take profits before the release of the
report.
In the USDA's Planted Acreage report released Friday, the
estimate for corn acreage was 97.38 million acres, the highest
since 1936 when farmers planted 102 million acres.
The 97.38 million acres was well
above the average 95.34 million acres estimate.
Soybean acreage was forecasted at
77.73 million acres, slightly below the average estimate of
78.02 million acres.
All wheat acreage was forecasted
at 56.53 million acres, slightly above the average guess of
55.75 million acres.
The Quarterly Grain Stocks report also held a few surprises.
Corn stocks in all positions on
June the 1st were estimated at 2.764 billion bushels, which was
well below the average guess
of 2.856 billion bushels.
Soybean stocks in all positions
were estimated at 435 million bushels, slightly below the
average guess of 441 million bushels and way below last year's
figure of 667 million bushels.
Wheat stocks were below the lowest
trade forecast at 718 million bushels.
This week's Illinois Weather and Crops report, released by the
Illinois Field office of the
National Ag Statistics Service, showed a definite increase in
crop condition ratings for both corn and soybeans.
It also indicated Illinois
producers made very little progress on trying to finish their
2013 soybean planting duties.
As of June 23rd, Illinois farmers
had made some progress with soybean planting reaching 96%
complete, compared to 84% last week and 79% for the five year
average.
Wheat harvest had officially
started last week as 12% of the state's wheat crop had been
harvested, compared to 34% for the five year average.
Early reports from wheat harvested
last week, indicated grain quality was very good and some yields
were higher than expected.
Heavy rainfall was common this
week in the southern part of the state and it made farmers worry
if that rain would affect the quality of the grain.
The condition of the Illinois corn
crop went up substantially last week.
There was 67% rated good to
excellent, with
24% fair and 9% rated very poor to poor.
The state's soybean crop placed
69% in the good to excellent category, with 23% fair and 8% in
the very poor to poor range.
The trading in the cash grain market was slow to moderate again
this week.
Most cash basis levels remained
strong, but there was weakness at the end of the week.
The Central Illinois Soybean
Processors cash bids gained 33 to 50 cents ranging from
15.97-16.00, with basis ranging from +165Q to +168Q.
At the Central Illinois Corn
Processors cash bids were down 6 to 11 cents ranging from
7.07-7.29, with basis steady to 5 cents lower at +40N to +62N.
At the Illinois River terminals
south of Peoria, cash corn bids were 12 to 25 cents lower
ranging from 6.92-7.07, with basis 6 to 19 cents lower ranging
from +25N to +40N.
Cash soybean bids were up 44 to 47
cents with bids ranging 15.76-15.88, with basis 4 to 7 cents
lower ranging from +28N to +40N.
Wheat bids were 40 to 47 cents
lower ranging from 6.43-6.49, with basis down
3 to 10 cents at -20N to -14N.
At the Illinois River terminals
north of Peoria, cash corn bids lost 22 cents at 6.93-7.01, with
basis 16 cents lower at +26N to +34N.
Cash soybean bids gained 43 to 51
cents to range from 15.74-15.84, with basis steady to 8 cents
lower ranging from +26N to +36N.
Wheat bids were 51 to 53 cents
lower to range from 6.38-6.48, with basis down
at -25N to -15N.
At the St. Louis terminals cash
corn bids closed 6 to 9 cents lower ranging from 7.12-7.24, with
soybeans up 49 to 51 cents ranging from 15.93-16.08.
Cash bids for Soft Red Winter
wheat were 42 cents lower at 6.72-6.73 and cash sorghum bids
were 6 cents lower at 6.86-6.87.
In northern and western Illinois, cash corn bids to producers at
country elevators were down 21 to 27 cents at 6.82-6.92, with
central Illinois locations 9 cents lower at 6.93-7.07 and in
southern Illinois bids lost 6 to 21 cents ranging from
6.76-7.22.
Cash soybean bids in northern and
western locations were up 50 to 54 cents at 15.47-15.63, with
central Illinois bids were 32
to 34 cents higher at 15.56-15.73 and southern Illinois bids
gained 51 to 55 cents ranging from 15.84-15.97.
Cash wheat bids for Soft Red
Winter wheat in southern Illinois locations ended 37 to 45 cents
lower ranging from 6.44-6.54.
___
Commercial grain prices paid farmers
by Interior Illinois Country Elevators after 2.00 p.m. Friday are listed below in dollars per bushel:
