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Illinois grain prices in country elevators

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[May 28, 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 mostly lower on Friday afternoon.

Technical trading at the Board of Trade weakened grain futures on Friday.

Many traders evened positions and took profits ahead of the long holiday weekend.

In Northern and Western Illinois country grain dealers quoted shelled corn bids were down 6 to 10 cents at 6.85-6.98.

Soybean bids fell 28 to 31 cents at 14.72-14.91.

In Central Illinois country grain dealers quoted shelled corn bids were 5 to 8 cents lower at 6.81-6.97.

Soybean bids dropped 24 to 26 cents at 14.95-15.26.

In the Southern part of the state, shelled corn bids were 3 to 5 cents lower at 6.65-7.02.

Soybean bids were down 24 to 31 cents at 15.00-15.36.

Wheat bids were mostly 3 to 6 cents lower at 6.82-7.10.

Illinois grains ended higher this week at the Board of Trade.

Many traders waited for the Weekly Crop Progress report released by the National Ag
Statistics Service.

Last week farmers made incredible progress with corn planting.

The US corn crop was now 71% planted compared to 28% last week and 79% for the five year average.

Export sales were in the news this week.

As we are getting use to China buying soybeans, the market is not use to China buying corn and wheat.

This week China bought 360,000 tonnes of US corn and 180,000 tonnes of US wheat.

Both announcements helped to boost prices.

The strong cash markets in both corn and soybeans also supported stronger prices. 

Strength in soybean meal also gave a lift to soybean values.

This week's Illinois Weather and Crops report, released by the Illinois Field office of the National Ag Statistics Service, noted that farmers had a very hectic corn planting pace last week.

As of May 19th, Illinois farmers had planted 74% of their corn crop, compared to 17% last week and 77% for the five year average.

Many farmers in the northeastern region of the state had also been busy planting soybeans.

They led the state with 51% of their soybean crop planted. As a whole, Illinois producers had planted 19% of their soybean crop, compared to less than 1% last week and 35% for the five year average.

The Illinois wheat crop was slightly behind in maturity compared to other years.

The state's crop was 10% headed, compared to 15% last week and 70% for the five year average.

The wheat crop in Illinois made some improvement again this week by placing 75% in the good to excellent category, with 22% fair and only 3% in the very poor to poor range.

The trading in the cash grain market remained slow this week, but that didn't mean it was quiet.

It really started last Friday when the cash soybean basis at many river terminals started to fall 15 to 17 cents per bushel.

By the end of this week, the cash soybean basis at many river terminals and processors had dropped 67 to 75 cents per bushel.

Also during the week, many soybean processors have already started to change their spot basis month.

While some processors are still using the (N) July, we have some on the (Q) August and some using the (X) November.

So figuring out where cash bids really are using basis will be a challenge for several months.

The Central Illinois Soybean Processors cash bids gained 2 to 5 cents ranging from 15.44-15.64, with basis down 67 to 70 cents ranging from +45N to +65N.

At the Central Illinois Corn Processors cash bids were 21 to 28 cents higher ranging from 7.10-7.24, with basis steady to 7 cents higher at +48N to +62N.

[to top of second column]

At the Illinois River terminals south of Peoria, cash corn bids were up 19 to 21 cents ranging from 7.10-7.17, with basis steady
to 2 cents lower ranging from +48N to +55N.

Cash soybean bids were steady to 3 cents lower with bids ranging 15.29-15.39, with basis down 72 to 75 cents ranging from +30N to +40N.

New crop wheat bids for delivery in July 2013 were up 20 to 22 cents ranging from 6.98-7.03, with basis 5 to 7 cents higher at -5N to option N.

At the Illinois River terminals north of Peoria, cash corn bids gained 20 to 21 cents at 7.07-7.14, with basis unchanged at +45N to +52N.

Cash soybean bids lost 1 cent to 15.22-15.32, with basis 73 cents lower ranging from +23N to +32" N.

New crop wheat bids for July 2013 delivery ended 20 to 25 cents higher to range from 7.03-7.08, with basis 5 to 10 cents higher at option N to +5N.

At the St. Louis terminals cash corn bids closed 25 cents higher ranging from 7.11-7.12, with soybeans down 8 cents ranging from 15.39-15.40.

Cash bids for Soft Red Winter wheat were 17 cents higher at 7.29-7.30 and cash sorghum
bids were 39 cents higher at 6.91-6.92.

In northern and western Illinois, cash corn bids to producers at country elevators were up 22 to 23 cents at 6.91-7.08, with central Illinois locations 21 to 24 cents higher at 6.89-7.02 and in southern Illinois bids gained 17 to 20 cents ranging from 6.68-7.07.

Cash soybean bids in northern and western locations were 5 to 19 cents higher at 15.00-15.24, with central Illinois bids gained 6 to 21 cents at 15.21-15.50 and southern Illinois bids were up 14 to 43 cents at 15.24-15.67.

Cash wheat bids for Soft Red Winter wheat in southern Illinois locations ended 12 to 20 cents higher ranging from 6.80-7.16.

New crop wheat bids for June-July delivery in southern Illinois were up 16 to 25 cents ranging from 6.83-7.01.

___

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

6.88 - 6.98 14.72 - 14.88  

WESTERN 

6.85 - 6.96 14.83 - 14.91  

N. CENT.

6.85 - 6.97 14.95 - 15.06  

S. CENTRAL

6.81 - 6.94 15.00 - 15.26  

WABASH 

6.85 - 6.97 15.26 - 15.36 6.82 - 6.85

W.S. WEST

6.65 - 6.72 15.00 - 15.07 7.00 - 7.10

L. EGYPT

6.95 - 7.02 15.21 - 15.36 6.86 - 7.00

Central Illinois average price

Corn:  6.89 (+32 N)
Soybeans:
15.10 1/2 (+34 N)


CONTRACT BIDS FOR NEW CROP 2013 DELIVERY

AREA 

US 2

CORN

US 1

SOYBEANS

 ***US 2

SOFT

WHEAT 

NORTHERN

5.03 - 5.17 12.11 - 12.18  

WESTERN 

5.02 - 5.10 12.10 - 12.15  

N. CENT.

5.06 - 5.16 12.17 - 12.38  

S. CENTRAL

5.02 - 5.20 12.21 - 12.35  

WABASH 

5.10 - 5.18 12.23 - 12.36 6.70 - 6.85

W.S. WEST

5.05 - 5.18 12.26 - 12.40  6.82 - 6.95

L. EGYPT

5.14 - 5.22 12.15 - 12.36  6.85 - 6.95

***June/July 2013 delivery
 

Cent. Ill. Average Price at Country Elevators

Week of

 5/23/2013

 5/16/2013 

  Price--Basis Price--Basis

Corn

6.951/2 +331/2 N

6.73 +311/2 N

Soybeans

15.351/2 +36N

15.22 +941/2 N 1

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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