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Illinois grain prices in country elevators

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[April 14, 2012]  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. Soybeans ended lower despite the announcement of the third sale of the week of US soybeans to China. For the week, China has purchased 445,000 tonnes of US soybeans. Corn futures were pushed lower by fund selling at the Board of Trade.

In Northern and Western Illinois country grain dealers quoted shelled corn bids 8 to 9 cents lower at 6.10-6.25. Soybean bids traded 4 to 5 cents lower at 14.08-14.27.

In Central Illinois country grain dealers quoted shelled corn bids were 8 to 10 cents lower at 6.22-6.36. Soybean bids were 4 to 5 cents lower at 14.13-14.25.

In the Southern part of the state, shelled corn bids were 8 to 9 cents lower at 6.33-6.53. Soybean bids were 4 cents lower at 14.23-14.39. Wheat bids were 13 to 16 cents lower at 6.05-6.24.

Illinois grains- Grain futures ended mixed for the week, with soybeans and wheat higher and corn lower.

The reaction to the USDA's Supply Demand report and export news helped to move soybean values up.

The new Supply Demand estimates for the US soybean supply were down 25 million bushels from last month's report at 250 million bushels and world estimates were also lower than last month at 55.52 million metric tonnes.

The forecast for South American production also dropped in Tuesday's report, with Brazil's going from 68.5 mmt's to 66 mmt's this month.

The forecast for Argentina's soybean crop went from 46.5 mmt last month to 45 mmt in
Tuesday's report.

Also supporting soybean futures were several export sales of US soybeans, with a couple of those coming from China.

Tuesday's Supply Demand estimates weighed on corn futures this week. Traders had
expected a drop in the US carryout forecast, but the USDA's estimate was unchanged from last month at 801 million bushels.

In the Illinois Weather and Crops update, the USDA's NASS Illinois Field Office, estimated that Illinois farmers had planted 17% of the state's corn crop, compared to 5% last week and 3% last year.

It was the southern areas of the state that was out in front of the planting race. The
southern areas had planted 23-40% of their crop, with the northern areas ranging from 1-18%. Also in the southern areas, there was 3-6% of the corn emerged.

Also in this week's report, the state had officially started soybean planting with 1% of the crop in the ground.

The Illinois wheat crop had a gain of 6% in the good to excellent category, with 84% of the crop in the good to excellent category, with 14% fair and only 2% very poor to poor. Like many of the plants this Spring, the
wheat crop was also ahead of schedule. There was already 8% of the state's crop in the headed category, compared to nothing for last year or the five year average.

Many producers know that we could use some rainfall across the state. In the state, there were 3% of the soils in the surplus category, with 51% adequate, 40% short and 6% very short.

The trading in the cash grain market was slow to moderate. The rally in the soybean market has been able to keep a reasonable supply of soybeans coming to the market, but it's a little different or corn.

Corn values have dropped this week and farmers in Illinois, Indiana, Iowa, and Ohio
are busy with fieldwork and planting and really don't care about moving cash grain at these price levels.

This has led to improvement in the corn basis at many grain terminals and corn processing plants.

At the Central Illinois Soybean Processors cash bids ended 7 cents higher at 14.41-14.51, with basis steady at option K to +10K.

The Central Illinois Corn Processors cash bids were 16 to 21 cents lower with bids ranging

from 6.52-6.63, with basis steady to 5 cents stronger at +15K to +26K.

At the Illinois River terminals south of Peoria, cash corn bids ended 17 to 18 cents lower ranging from 6.47-6.53, with basis up 3 to 4 cents at +10K to +16K.

Cash soybean bids gained 5 cents at 14.43-14.47, with basis 2 cents weaker ranging from +2K to +6K.

New crop corn bids for October delivery were down 4 to 7 cents to range from 5.14-5.24, with basis steady to 3 cent lower at -32Z to -22Z.

New crop soybean bids dropped 5 to 8 cents to 13.43-13.52, with basis 1 to 4 cents higher ranging from -29X to -20X.

[to top of second column]

New crop wheat bids for July 2012 delivery were mixed ranging from 6.27-6.34, with basis mixed ranging from -17N to -10N.

At the Illinois River terminals north of Peoria, cash corn bids fell 16 cents at 6.48-6.50,
with basis 5 cents higher at +11K to +13K.

Cash soybean bids increased 7 cents at 14.41-14.44, with basis steady at Option K to 3K.

New crop corn bids for October delivery ended 5 cents lower at 5.16-5.19, with basis 1 cent lower ranging from -30Z to -27Z.

New crop soybean bids dropped 8 to 9 cents to 13.42-13.46, with basis steady to 1 cents higher at -30X to -26X.

New crop wheat bids were down 1 to 5 cents to 6.34-6.35, with basis mixed at -10N to -9N.

At the St. Louis terminals cash corn bids were 16 cents lower at 6.65-6.66, with soybeans up 7 cents from 14.62-14.64.

Cash bids for Soft Red Winter wheat gained 4 cents to 6.61-6.62, with cash sorghum bids down 21 cents to range from 6.17-6.18.

In northern and western Illinois, cash corn bids to producers at country elevators were 14 to 20 cents lower at 6.18-6.34, with central Illinois locations down 20 to 21 cents at 6.30-6.46 and in southern Illinois bids
lost 13 to 16 cents to range from 6.41-6.62.

Cash soybean bids in northern and western were up 8 to 12 cents at 14.12-14.32, with central Illinois bids gaining 6 to 7 cents to 14.18-14.29 and southern Illinois advanced 8
cents at 14.27-14.43.

Cash wheat bids for Soft Red Winter wheat in
southern Illinois locations ended steady to 1 cent higher to range from 6.18-6.39.

New crop corn bids to producers at the country elevators in northern and western Illinois were 4 lower to range from 5.02-5.16, with central Illinois locations down 2 to 3 cents at 5.08-5.25 and in southern Illinois
bids fell 3 cents to 5.17-5.28.

New crop soybean bids for October delivery
in northern and western Illinois were 7 to 8 cents lower at 13.23-13.38, with central Illinois locations down 8 to 9 cents to 13.33-13.43 and in southern Illinois bids were mixed at 13.38-13.48.

New crop wheat bids for July 2012 delivery in southern Illinois ended 1 to 3 cents lower at
6.15-6.37.

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 6.10 - 6.18 14.08 - 14.17  
WESTERN  6.16 - 6.25 14.12 - 14.27  
N. CENT. 6.22 - 6.28 14.13 - 14.23  
S. CENTRAL 6.30 - 6.36 14.14 - 14.25  
WABASH  6.37 - 6.45 14.23 - 14.27 6.05 - 6.14
W.S. WEST 6.33 - 6.36 14.26 - 14.37  6.13 - 6.21
L. EGYPT 6.43 - 6.53 14.27 - 14.39  6.22 - 6.24

Central Illinois average price

Corn: Corn 6.29 ( opt K)
Soybeans:
14.19 (-18 K)

CONTRACT BIDS FOR NEW CROP 2012 DELIVERY

AREA 

US 2

CORN

US 1

SOYBEANS

 ***US 2

SOFT

WHEAT 

NORTHERN 4.94 - 5.07 13.12 - 13.25  
WESTERN  4.93 - 5.01 13.19 - 13.27  
N. CENT. 4.99 - 5.08 13.22 - 13.32  
S. CENTRAL 5.01 - 5.14 13.22 - 13.32  
WABASH  5.07 - 5.17 13.25 - 13.32 6.05 - 6.08
W.S. WEST 5.08 - 5.15 13.32 - 13.37

 6.13 - 6.24

L. EGYPT

5.17 - 5.18

13.27 - 13.32

6.00 - 6.15

***June/July 2012 Delivery

 

Cent. Ill. Average Price at Country Elevators
Week of 4/12/2012 4/5/2012
  Price Basis Price Basis
Corn

6.38 + 1/2 K

6.58 1/2 Opt K

Soybeans

14.17 -17 1/2 K

14.17 -17 K


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

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