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Illinois country grain prices were
lower on Friday afternoon. Corn, soybeans and wheat all had
bearish reactions to the USDA's Supply Demand forecast.
Carryout figures for old crop corn
was estimated at 759 million bushels and old crop soybeans at
125 million bushels.
New crop forecasts for corn were
over 2 billion bushels and new crop soybeans at 265 million
bushels.
In Northern and Western Illinois country grain dealers quoted
shelled corn bids were 13 to 16 cents lower at 6.59-6.75.
Soybean bids were 14 to 18 cents
lower at 14.55-14.71.
In Central Illinois country grain dealers quoted shelled corn
bids were 14 to 16 cents lower at 6.60-6.71.
Soybean bids were 8 to 11 cents
lower at 14.80-14.96.
In the Southern part of the state, shelled corn bids were 13
cents lower at 6.55-6.76.
Soybean bids were mostly 5 to 10
cents lower at 14.70-14.97.
Wheat bids were 18 to 23 cents
lower at 6.81-7.07.
Illinois grains ended mixed this week at the Board of Trade,
with soybeans ending sharply higher and corn and wheat values
slightly lower.
Early in the week, a drier and
warmer extended weather forecast helped to push corn values
lower.
Traders believed farmers could
make progress with their corn planting chores.
The Weekly Crop Progress report
released Monday afternoon by the National Ag
Statistics Service confirmed the slow corn planting pace. For
the week ending May 5th, on a nationwide
basis, farmers had 12% of the corn crop planted, compared to 47%
for the five year average and the slowest pace since 1984.
Tight supplies of old crop corn
and soybeans continue to support stronger prices.
Cash basis levels remain very
strong for soybeans and corn.
Also, many traders evened
positions and took profits in preparation for the release of new
Supply Demand estimates by the USDA
at 11 am on Friday.
This week's Illinois Weather and Crops report, released by the
Illinois Field office of the National Ag Statistics Service,
also confirmed the very slow corn planting pace by Illinois
farmers.
As of May the 5th, Illinois
farmers had planted just 7% of their corn crop, compared to 48%
for the five year average and the slowest since 1984.
Most of the corn planting was in
the northwestern and northeastern regions
of the state.
The state's oat crop was 73%
planted, compared to 99% last year and 87% for the five year
average.
The wheat crop in Illinois rates
much better than the crop in the western states.
The Illinois crop placed 68% in
the good to excellent category, with 25% fair and only 7% in the
very poor to poor range.
The trading in the cash grain market was slow this week, but the
15.00 cash soybean price did attract some new cash sales.
Many producers would like to see
their own crops up and growing before they make additional
sales.
The strong cash basis levels are
drawing some attention from grain traders; it's
also helping to support the futures market.
Mostly every grain terminal has
switched to the July (N) futures month for their cash bid, so it
is a little easier to compare cash basis this week.
Competition is very strong between
grain terminals and processors to buy their grain needs from
producers.
The Central Illinois Soybean
Processors cash bids gained 32 to 47 cents ranging from
15.19-15.44, with basis mixed ranging from +110N to +135N.
At the Central Illinois Corn
Processors cash bids were down 8 to 13 cents ranging from
6.89-7.04, with basis steady to 5 cents higher at +40N to +55N.
[to top of second column] |
At the Illinois River terminals
south of Peoria, cash corn bids ended 5 to 10 cents lower
ranging from 6.91-6.97, with basis ranging from +42N to +48N.
Cash soybean bids were up 49 to 54
cents with bids ranging 15.10-15.13, with basis ranging from
+101N to +104N.
New crop wheat bids for delivery
in July 2013 ended 5 to 6 cents lower ranging from 7.13-7.17,
with basis steady to 1 cent lower at -10N to -6N.
At the Illinois River terminals
north of Peoria, cash corn bids were 10 to 11 cents lower at
6.86-6.94, with basis at +37N to +45N.
Cash soybean bids gained 51 to 55
cents to 15.00-15.07, with basis ranging from +91N
to +98N.
New crop wheat bids for July 2013
delivery ended 8 to 9 cents lower to range from 7.13-7.19, with
basis 3 to 4 cents lower at -10N to -4N. At the St. Louis
terminals cash corn bids closed 2 to 3 cents higher ranging from
6.83-6.84, with soybeans up 52 cents ranging from 15.23-15.24.
Cash bids for Soft Red Winter
wheat were up 2 cents to 7.43-7.44 and cash sorghum bids were 17
cents higher at 6.58-6.59.
In northern and western Illinois, cash corn bids to producers at
country elevators were down 11 to 12
cents at 6.72-6.89, with central Illinois locations 7 to 9 cents
lower at 6.74-6.85 and in southern Illinois bids fell 5 to 13
cents ranging from 6.68-6.89.
Cash soybean bids in northern and
western locations were 48 to 53 cents higher at 14.69-14.89,
with central Illinois bids gained 47 to 59 cents at 14.91-15.04
and southern Illinois bids were up 37 to 41 cents at
14.80-15.00.
Cash wheat bids for Soft Red
Winter wheat in southern Illinois locations ended 5 to 7 cents
lower ranging from 7.04-7.25.
New crop wheat bids for June-July
delivery in southern Illinois were down 2 to 7 cents ranging
from 6.90-7.20.
___
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 |
6.59 - 6.70 |
14.55 - 14.64 |
|
|
WESTERN |
6.62 - 6.75 |
14.62 - 14.71 |
|
|
N. CENT. |
6.62 - 6.71 |
14.80 - 14.96 |
|
|
S. CENTRAL |
6.60 - 6.71 |
14.81 - 14.94 |
|
|
WABASH |
6.64 - 6.76 |
14.70 - 14.81 |
6.81 - 6.91 |
|
W.S. WEST |
6.55 - 6.72 |
14.87 - 14.97 |
6.98 - 7.07 |
|
L. EGYPT |
6.72 - 6.76 |
14.84 - 14.89 |
6.94 - 6.99 |
Central Illinois average price
Corn: 6.65 1/2 (+29 N)
Soybeans:
14.88 (+89 N)
CONTRACT BIDS FOR NEW CROP 2013 DELIVERY
|
AREA |
US 2
CORN |
US 1
SOYBEANS |
***US
2
SOFT
WHEAT |
|
NORTHERN |
4.95 - 5.09 |
11.66 - 11.76 |
|
|
WESTERN |
4.96 - 5.05 |
11.68 - 11.73 |
|
|
N. CENT. |
4.96 - 5.09 |
11.72 - 11.88 |
|
|
S. CENTRAL |
5.02 - 5.12 |
11.78 - 11.86 |
|
|
WABASH |
5.02 - 5.12 |
11.76 - 11.81 |
6.71 - 6.84 |
|
W.S. WEST |
5.00 - 5.10 |
11.83 - 11.91 |
6.80 - 7.01 |
|
L. EGYPT |
5.05 - 5.15 |
11.72 - 11.86 |
6.75 - 6.91 |
***June/July 2013 delivery
Cent. Ill. Average Price at Country
Elevators
|
Week of |
5/9/2013 |
5/2/2013 |
| |
Price--Basis |
Price--Basis |
|
Corn |
6.79 1/2
+31N |
6.87 1/2 +25
1/2N |
|
Soybeans |
14.97 1/2 +89N |
14.44 1/2 +71 1/2N |
Annual Comparison
|
|
April 2013 |
May
2012 |
| |
Price--Basis |
Price--Basis |
|
Corn |
6.57
+ 8K |
6.27 +26K |
|
Soybeans |
14.30 +20 1/2K |
14.04 -14K |
[Text copied from
USDA-IL
Dept of Ag Market News, Springfield]
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