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Illinois country grain prices were
mostly higher on Friday afternoon.
The outlook for the hot temperatures to continue into next week
supported stronger grain futures.
In the cash grain markets, trading
had been slow.
The cash corn basis was sharply
lower at many Illinois River terminals, with many terminals down
17 to 23 cents.
In Northern and Western Illinois country grain dealers quoted
shelled corn bids 6 to 7 cents higher at 7.50-7.64.
Soybean bids traded 18 to 21 cents
higher at 16.10-16.26.
In Central Illinois country grain dealers quoted shelled corn
bids were 5 to 8 cents higher at 7.61-7.76.
Soybean bids were 21 to 25 cents
higher at 16.07-16.25.
Wheat bids were steady to 2 cents
higher at
8.15-8.28.
In the Southern part of the state, shelled corn bids were 7 to 9
cents higher at 7.69-7.92.
Soybean bids were 22 to 24 cents
higher at
16.09-16.52.
Wheat bids were mixed at
8.18-8.51.
Illinois grains-Grain futures ended mixed, with corn and wheat
higher and soybeans lower.
Traders at the Board of Trade continued to focus on the hot and
dry weather conditions for the cornbelt states, but this week
they also had some USDA reports to consider.
The USDA's Weekly Crop Condition
report came out Monday afternoon to reaffirm
that crop conditions continue to fall.
The US corn crop placed 40% in the
good to excellent category, down 8% from last week and compared
to 69% one year ago.
The US soybean crop placed 40% in
the good to excellent range, down 5% from last week and compared
to 66% last year.
The USDA also released more
information on Wednesday morning with updated Supply Demand
numbers and other crop production
figures.
The figures that surprised many
traders were estimates on the average yields for the US corn and
soybean crops.
The USDA estimated the US corn
crop to total 12.97 billion bushels, with the
average yield of 146 bushels per acre.
The forecast for the US soybean
crop totaled 3.05 billion bushels, with the average yield
of 40.5 bpa.
While the soybean forecast was
lowered, it was the corn average of 146 that surprised some
traders.
Combined with the lower yield and
lower carryout figures for the US and the world, many considered
the report bullish.
While the future prices at the
Board of Trade traded sharply higher for much of the day, the
markets ended lower on Wednesday due to technical trading and
profit taking.
The Illinois crop conditions continue to fall due to hot
temperatures and very limited rainfall in the state.
According to the USDA's Illinois
Weather and Crops report, from the Illinois Field Office in
Springfield, the Illinois corn crop placed 19% in the good to
excellent range, down 7% from last week, there was 33% fair and
48%
very poor to poor.
The condition of the state's
soybean crop also fell by 8%, with 20% of the soybean crop in
the good to excellent range, with 38% fair and 42% in the very
poor to poor range.
It is something to notice the good
to excellent numbers going down, but also the very poor to poor
numbers are starting to edge much higher.
The states pasture land placed 5%
in the good category, with 20% fair and 75% in
the very poor to poor range.
The topsoil moisture ratings
continue to
fall, placing 0% in the surplus category, with only 4% adequate,
29% short and 67% very short.
Also, it is something to notice
the very
short category increased 15% this week. While we would agree the
entire state needs rain, the southern areas are between 80 and
91% in the very short category.
The subsoil ratings also continue
to go down;
there were 7% in the adequate range, with 28% short and 65% in
the very short category, with the very short range going up 16%
from one week ago.
The Illinois corn crop placed 77%
of the corn crop in the silk stage, compared to less than 22%
for last year and 33% for the five year average.
The soybean crop had 42% in the
blooming stage, compared to 14% last year and 24% for the five
year average.
The trading in the cash grain market was slow to moderate this
week as merchandisers tried to buy the remaining portion of old
crop corn and soybeans.
They also had to continue dealing
with the cancellation of many new crop contracts due to crop
failure.
Basis levels this week, like the
futures market, was very volatile.
The river terminals had to deal
with the need to buy grain, but also higher freight rates this
week.
Also due to low water levels along
the Illinois River, many barges are loading lower draft levels
making freight higher.
For the week, the corn basis did
end sharply lower in many cases, especially at the river
terminals.
[to top of second column] |
At the Central Illinois Soybean
Processors
cash bids ended mixed at 16.07-16.30, with basis steady to 21
cents higher ranging from +35Q to +58Q.
The Central Illinois Corn
Processors cash bids were 2 to 8 cents higher with bids ranging
from 7.77-7.81, and basis down 14 to 20 cents ranging from +40U
to +50U.
At the Illinois River terminals
south of Peoria, cash corn bids ended mixed ranging from
7.65-7.74, with basis falling 20 to 25 cents at +34U to +43U.
Cash soybean bids decreased 7 to 9
cents at 16.23-16.28, with basis 1 to 4 cents higher ranging
from +50Q to +56Q.
Wheat bids ended mixed ranging
from 8.07-8.17, with basis 6 to 15 cents lower at -40U
to -30U.
New crop corn bids for October
delivery were up 31 to 33 cents to range from 7.18-7.23, with
basis up 7 to 9 cents at -14Z to
-9Z.
New crop soybean bids gained 4
cents to range from 15.24-15.29, with basis up 1 cent at -5X to
option X.
At the Illinois River terminals
north of Peoria, cash corn bids were steady to 7 cents
higher at 7.66-7.74, with basis down 21 to 29 cents at +35U to
+43U.
Cash soybean bids fell 24 to 25 cents to 16.22-16.24, with basis
down 13 to 14 cents ranging from +50Q to +52Q.
Cash wheat bids gained 4 to 9
cents to 8.02-8.17, with basis steady to 5 cents lower at -45U
to -30U.
New crop corn bids for October
delivery ended 19 to 24 cents stronger at 7.11-7.19, with basis
steady to 5 cents lower ranging
from -21Z to -13Z.
New crop soybean bids lost 3 to 7
cents to 15.21-15.23, with basis 6 to 10 cents lower at -8X to
-6X.
At the St. Louis terminals cash
corn bids were 8 to 14 cents higher at 7.83-
7.88, with soybeans down 2 to 8 cents ranging from 16.36-16.43.
Cash bids for Soft Red Winter
wheat gained 6 cents to 8.31-8.32, and cash sorghum bids were 12
cents higher to range from 6.60-6.61.
In northern and western Illinois, cash corn bids to producers at
country elevators were 4 to 9 cents higher at 7.44-7.57, central
 Illinois locations gained 10 to 18 cents at 7.56-7.68 and in
southern Illinois bids increased 12 to 14 cents to range from
7.62-7.81.
Cash soybean bids in northern and
western were down 11 to 14 cents at 15.92-16.05 with central
Illinois bids falling 8 to 12 cents to 15.82-16.04 and southern
Illinois bids were mixed at 15.87-16.28.
Cash wheat bids for Soft Red Winter wheat in central Illinois
gained 8 to 11 cents to 8.13-8.28, with southern Illinois
locations up 9 to 20 cents at 8.21-8.62.
New crop corn bids to producers at the country elevators in
northern and western Illinois were up 24 cents to range from
6.6.92-7.02, with central Illinois locations gaining 24 to 31
cents at 7.03-7.27 and in southern Illinois bids increased 26 to
31cents to 7.09-7.36.
New crop soybean bids for October delivery in northern and
western Illinois were up 3 cents at 14.90-15.03, with central
Illinois
locations gaining 4 to 5 cents at 14.93-15.14 and in southern
Illinois bids advanced 7 to 8 cents at 15.08-15.29.
___
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 |
7.50 - 7.61 |
16.10 - 16.20 |
|
|
WESTERN |
7.57 - 7.64 |
16.12 - 16.26 |
|
|
N. CENT. |
7.61 - 7.68 |
16.07 - 16.18 |
|
|
S. CENTRAL |
7.69 - 7.76 |
16.14 - 16.25 |
8.15 - 8.28 |
|
WABASH |
7.80 - 7.91 |
16.09 - 16.25 |
8.40 - 8.48
|
|
W.S. WEST |
7.69 -
7.78 |
16.20 - 16.40 |
8.18 - 8.19 |
|
L. EGYPT |
7.83 - 7.92 |
16.38 - 16.52 |
8.46 - 8.51
|
Central Illinois average price
Corn:
7.68 1/2 (+28 U)
Soybeans:
16.16 (+21 Q)
CONTRACT BIDS FOR NEW CROP 2012 DELIVERY
|
AREA |
US 2
CORN |
US 1
SOYBEANS |
***US
2
SOFT
WHEAT |
|
NORTHERN |
7.04 - 7.10 |
15.12 - 15.21 |
|
|
WESTERN |
7.01 - 7.09 |
15.22 - 15.39 |
|
|
N. CENT. |
7.12 - 7.21 |
15.17 - 15.28 |
|
|
S. CENTRAL |
7.21 - 7.38 |
15.23 - 15.38 |
|
|
WABASH |
7.35 - 7.44 |
15.33 - 15.53 |
|
|
W.S. WEST |
7.19 - 7.28 |
15.37 - 15.49 |
|
|
L. EGYPT |
7.32 - 7.40 |
15.31 - 15.53 |
|
Cent. Ill. Average Price at Country
Elevators
|
Week of |
7/12/2012
|
7/5/2012 |
| |
Price Basis |
Price Basis |
|
Corn |
7.62 +31 U
|
7.48
+39 U |
|
Soybeans |
15.93 +20 1/2
Q |
16.03
+20 Q |
[Text copied from
USDA-IL
Dept of Ag Market News, Springfield]
 |
