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Illinois grain prices in country elevators

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[June 30, 2012]  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 higher on Friday afternoon.

While traders believed the USDA reports were considered bearish, thoughts of hot and dry conditions for the cornbelt drove futures prices higher.

In Northern and Western Illinois country grain dealers quoted shelled corn bids 11 to 22 cents higher at 6.60-6.82.

Soybean bids traded 43 to 44 cents higher at 14.95-15.05.

In Central Illinois country grain dealers quoted shelled corn bids were steady to 1 cent higher at 6.59-6.76.

Soybean bids were 40 cents higher at 14.92-15.08.

Wheat bids were 21 to 24 cents higher at 7.19-7.31.

In the Southern part of the state, shelled corn bids were mixed at 6.78-6.94.

Soybean bids were 37 to 48 cents higher at 14.96-15.22.

Wheat bids were 14 cents higher at 7.23-7.67.

Illinois grains-Grain futures ended sharply higher. It really didn’t matter what other fundamental news was in the grain market, the main focus was the weather and the weather forecast. The weather last
week was a continuation of the hot and dry pattern that had affected most of the cornbelt states. The thought of 100 degree plus temperatures for the cornbelt only pushed prices higher.

In the USDA’s Weekly Crop Progress report, the condition of the US corn crop fell by
7%, by placing 56% in the good to excellent category.

The condition of the US soybean crop fell by only 3%, by placing 53% in the good to
excellent range.

While traders waited for weeks for the release of the Planting Intentions and Quarterly Grain Stocks reports, the reaction to the report didn’t last very long. The reports were considered neutral to bearish by traders.

In the Planting Intentions report, the USDA
forecasted the US farmers planted 96.41 million acres to corn, 76.08 million acres to soybeans, 56.02 million acres to wheat, and 12.00 million acres of Spring wheat.

In the Quarterly Grain Stocks report, corn stocks were slightly lower and soybeans and wheat were slightly higher than trader’s expectations.

Stocks of US corn on June 1, 2012 were estimated at 3.149 billion bushels, with soybeans at 667 million bushels and wheat at 743 million bushels.

The crop conditions continue to fall this week due to dry soil conditions.

According to the USDA’s Illinois Weather and Crops report, from the Illinois Field Office in Springfield, the Illinois corn crop placed only 37% in the good to excellent range, down 15% from last week, there was 41% fair and 22% very poor to poor.

The condition of the state’s soybean crop also fell by 12%, with 35% of the soybean crop in the good to excellent range, with 44% fair and 21% in the very poor to
poor range.

The topsoil moisture ratings also continued to go down, placing 0% in the surplus category, with 16% adequate, down 13%, 41% short and 43% very short.

The subsoil ratings also dropped; there was
16% in the adequate range, with 48% short and 36% in the very short category.

There was 17% of the corn crop in the silk stage, compared to less than 1% for last year and 3% for the five year average.

The wheat crop was 84% harvested, compared to 32% last year and 37% for
the five year average. Harvest had finally reached the northern edge of the state, so harvest for Illinois producers was in its final
stages.

The trading in the cash grain market was slow to moderate this week, as higher bids encouraged some farmers to make additional sales of cash and new crop grain.

While futures prices went up this week, the
cash corn basis went sharply lower. Both the corn processor and river terminals dropped their cash corn basis.

At the Central Illinois Soybean Processors cash bids ended 24 to 25 cents higher at 14.83-14.90, with basis down 3 to 4 cents ranging from +17N to +24N.

The Central Illinois Corn Processors cash bids were 47 to 55 cents higher with bids ranging from 6.71-6.86, and basis was 11 to 20 cents lower at +19N to +34N.

[to top of second column]

At the Illinois River terminals south of Peoria,
cash corn bids ended 49 to 50 cents higher ranging from 6.65-6.72, with basis down 16 to 17 cents at +13N to +20N.

Cash soybean bids increased 34 to 35 cents at 14.81-14.87, with basis 6 to 7 cents
higher ranging from +15N to +21N.

Wheat bids ended 59 cents stronger ranging from 7.11-7.18, with basis down 5 cents at -15N to -8N.

New crop corn bids for October delivery were up 78 to 80 cents to range from 6.11-6.18, with 2 to 4 cents lower at -21Z to -14Z.

New crop soybean bids gained 37 to 41 cents to 14.06-14.08, with basis up 5 to 9 cents at +3X to +5X.

At the Illinois River terminals north of
Peoria, cash corn bids gained 50 cents to 6.64-6.68, with basis down 16 cents at +12N to +16N.

Cash soybean bids advanced 30 to 32 cents
to 14.79-14.85, with basis up 2 to 4 cents ranging from +13½ N to +19N.

Cash wheat bids gained 64 to 65 cents to 7.20-7.21, with basis steady to 1 cent higher at -6N to -5N.

New crop corn bids for October 1delivery ended 84 cents stronger at 6.10-6.12, with basis up 2 cents ranging from -22Z to -20Z.

New crop soybean bids gained 40 to 42
cents to 13.97-14.01, with basis 8 to 10 cents higher at -6X to -2X.

At the St. Louis terminals cash corn bids were 50 cents higher at 6.80-6.81, with soybeans up 33 to 35 cents from 14.94-14.95.

Cash bids for Soft Red Winter wheat gained 65 cents to 7.32-7.33, and cash sorghum bids were 67 cents higher to range from 6.18-6.19.

In northern and western Illinois, cash corn bids to producers at country elevators were 34 to 42 cents higher at 6.49-6.64, with
central Illinois locations gained 58 cents at 6.58-6.76 and in southern Illinois bids increased 47 to 54cents to range from
6.55-6.97.

Cash soybean bids in northern and western were up 29 cents at 14.51-14.62 with central Illinois bids gaining 26 to 30 cents to 14.52-14.68 and southern Illinois increased 27 to 29
cents at 14.59-14.74.

Cash wheat bids for Soft Red Winter wheat
in central Illinois gained 50 to 63 cents to 6.95-7.10, with southern Illinois locations up 59 to 71 cents at 7.09-7.53.

New crop corn bids to producers at the country elevators in northern and western Illinois were up 80 to 81 cents to range
from 5.90-6.00, with central Illinois locations gaining 82 to 89 cents at 5.95-6.17 and in southern Illinois bids increased 81 to 88 cents to 6.08-6.25.

New crop soybean bids for October delivery in northern and western Illinois were up 30 to 35 cents at 13.63-13.78, with central Illinois locations gaining 32 to 37 cents at 13.66-13.85 and in southern Illinois bids advanced 32 to 36 cents at 13.77-13.94.

___

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

6.70 - 6.82 14.98 - 15.02  

WESTERN 

6.60 - 6.66 14.95 - 15.05  

N. CENT.

6.59 - 6.72 14.92 - 14.99  

S. CENTRAL

6.67 - 6.76 14.94 - 15.08 7.19 - 7.31

WABASH 

6.84 - 6.94  14.96 - 15.06 7.44 - 7.49

W.S. WEST

6.78 - 6.81 15.10 - 15.22 7.23 - 7.29

L. EGYPT

6.78 - 6.86 15.05 - 15.17 7.54 - 7.67

Central Illinois average price

Corn: 6.67 1/2 (- 5 N)
Soybeans:
15.00 (-13 N)

CONTRACT BIDS FOR NEW CROP 2012 DELIVERY

AREA 

US 2

CORN

US 1

SOYBEANS

 ***US 2

SOFT

WHEAT 

NORTHERN

 5.95 – 6.00 13.88 - 13.97  

WESTERN 

5.94 - 6.04  13.99 – 14.02  

N. CENT.

5.97 - 6.09 13.90 – 14.01  

S. CENTRAL

6.03 - 6.14 13.98 – 14.09 ---

WABASH 

6.10 - 6.25 14.03 – 14.24 ---

W.S. WEST

 6.07 - 6.22 14.07 – 14.20

---

L. EGYPT

6.15 - 6.27

14.02 – 14.11

---

 

Cent. Ill. Average Price at Country Elevators

Week of

6/28/2012 6/21/2012
  Price Basis Price Basis

Corn

6.67 +15 N

6.09 +22 1/2 N

Soybeans

14.60 - 6 N

14.32 - 6 1/2 N

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

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