|
 (Copy) Illinois country grain prices were sharply higher on
Friday afternoon. Traders reaction to this mornings USDA reports
drove prices up. The USDA predicted that US farmers would plant
95.90 million acres of corn and 73.90 million acres to soybeans.
Illinois producers intend to plant 12.5 million acres to corn,
down from 12.6 million last year. They also intend to plant 9.0
million acres of soybeans, up from 8.9 million planted last
year.
In Northern and Western Illinois country grain dealers quoted
shelled corn bids 38 to 41 cents higher at 6.24-6.34. Soybean
bids traded 46
to 47 cents higher at 13.71-13.89.
In Central Illinois country grain dealers quoted shelled corn
bids were 39 to 42 cents higher at 6.35-6.51. Soybean bids were
47 to 48 cents higher at 13.76-13.90.
In the Southern part of the state, shelled corn bids were 35 to
40 cents higher at 6.38-6.60. Soybean bids were 45 to 50 cents
higher at 13.86-14.02. Wheat bids were 48 to 50 cents higher at
6.45-6.65.
Illinois grains- Grain futures ended mixed, with soybeans
slightly higher and corn and wheat sharply lower. Much of the
week, traders had the USDA reports on their minds. Many tried to
even positions before the report. The lack of confirmation of
any purchases of US grain by China weighed on grain futures
early in the week. By Thursday, several exporters had confirmed
sales of corn and soybeans to China. Other than that, new
information was limited to move grain prices.
The Prospective Planting report released by the USDA indicated
that US farmers will try to plant the highest corn acreage since
1937. Farmers
intend to plant 95.90 million acres to corn, compared to 91.92
last year, and 94.70 million acres as the average estimate. With
the 95.90 million acres being above the average estimate, it was
considered bearish. The report also said producers intend to
plant 73.90 million acres to soybeans, which was below the
average trade estimate of 75.50 million acres and also lower
than the 74.98 million acres last year. This figure was
considered bullish by traders. Illinois producers intended to
plant 12.5 million acres of corn, which is down from last year's
total of 12.6 million acres. They also intend to plant more
acres of soybeans this year. They will increase acreage from 8.9
million acres to 9.0 million acres. The acres planted for hay
will stay the same at 540,000 acres.
The USDA's Quarterly Grain Stocks report was considered slightly
bullish for corn, soybeans, and wheat. All the figures were
slightly below traders'
expectations. Corn stocks in all positions on March 1, 2012
totaled 6.01 billion bushels, with soybeans at 1.37 billion and
wheat totaled 1.20 billion bushels.
The trading of cash grain in Illinois was slow to moderate.
Basis ended mixed for the week. Many farmers were busy with
field work this week and
didn't worry about the direction of prices.
The Central Illinois Soybean Processors cash bids ended 1 to
6 cents higher at 13.55-13.65, with basis steady to 5 cents
lower at option K to +10K.
The Central Illinois Corn Processors cash bids were 35 cents
lower with bids ranging from 6.17-6.26, with basis up 5 cents at
+13K to +22K. At the Illinois River terminals south of Peoria,
cash corn bids ended 42 to 43 cents weaker ranging from
6.04-6.09, with basis down 2 to 3 cents at option K to +5K.
Cash soybean bids gained 9 cents at 13.55-13.61, with basis 3
cents stronger ranging from option K to +6K.
New crop corn bids for October delivery were down 31 to 34
cents to range from 4.95-5.04, with basis mixed at -29Z to -20Z.
New crop soybean bids fell 5 to 7 cents to 12.81-12.87, with
basis steady to 2 cents higher ranging from -24X to -18X.
New crop wheat bids for July 2012 delivery were 24 to 28
cents lower ranging from 6.11-6.19, with basis steady to 4 cents
higher ranging from -16N to -8N.
At the Illinois River terminals north of Peoria, cash corn
bids lost 41 cents at 6.06-6.09, with basis 1 cent lower ranging
+2K to +5K.
Cash soybean bids increased 12 to 13 cents at 13.57-13.60,
with basis 6 to 7 cents higher at +2K to +5K.
[to top of second column] |
New crop corn bids for October delivery ended 32 to 33
cents lower at 4.95-4.98, with basis steady to 1 cent lower ranging
from -29Z to -26Z.
New crop soybean bids declined 8 cents to 12.77-12.79, with basis
1 cent lower at -28X to -26X.
New crop wheat bids were down 28 cents to 6.09-6.10, with basis
unchanged at -18N to -17N.
At the St. Louis terminals cash corn bids were 42 cents lower at
6.23-6.24, with soybeans up 8 to 11cents from 13.76-13.77.
Cash bids for Soft Red Winter wheat lost 29 cents to 6.31-6.32,
with cash sorghum bids down 41 cents to range from 5.83-5.84.
In northern and western Illinois, cash corn bids to producers at
country elevators were 42 to 44 cents lower at 5.83-5.96, with
central Illinois
locations down 40 to 41 cents at 5.94-6.09 and in southern Illinois
bids fell 36 to 41 cents to range from 6.03-6.20.
Cash soybean bids in northern and western were up 10 to 11 cents
at 13.25-13.42, with central Illinois bids gaining 2 to 7 cents
to 13.28-13.43 and southern Illinois advanced 6 to 7 cents at
13.41-13.52.
Cash wheat bids for Soft Red Winter wheat in southern Illinois
locations declined 30 to 34 cents to range from 5.95-6.17.
New crop corn bids to producers at the country elevators in
northern and western Illinois were 29 to 32 cents lower to range
from 4.82-4.94, with
central Illinois locations down 31 to 32 cents at 4.85-4.98 and
in southern Illinois bids declined 32 cents to 4.94-5.05.
New crop soybean bids for October delivery in northern and
western Illinois were 6 to 7 cents lower at 12.56-12.70, with
central Illinois locations down 7 cents to 12.65-12.75, and in
southern Illinois bids decreased 4 to 6 cents at 12.63-12.84.
New crop wheat bids for July 2012 delivery in southern Illinois
ended 28 to 30 cents lower at 5.97-6.16.
Commercial grain prices paid farmers
by Interior Illinois Country Elevators after 2.00 p.m. are listed below in dollars per bushel:
|
AREA |
US 2
CORN |
US 1
SOYBEANS |
US 2
SOFT
WHEAT |
| NORTHERN |
6.24 - 6.28 |
13.71 - 13.79 |
|
| WESTERN |
6.24 - 6.34 |
13.78 - 13.89 |
|
| N. CENT. |
6.35 - 6.42 |
13.76 - 13.86 |
|
| S. CENTRAL |
6.44 - 6.51 |
13.82 - 13.90 |
|
| WABASH |
6.51 - 6.59 |
13.87 - 13.93 |
6.45 - 6.56 |
| W.S. WEST |
6.38 - 6.45 |
13.89 - 14.02 |
6.46 - 6.55 |
| L. EGYPT |
6.48 - 6.60 |
13.86 - 13.99 |
6.40 - 6.65 |
Central Illinois average price
Corn: 6.43 (- 1 K)
Soybeans: 13.83 (-20 K)
CONTRACT BIDS FOR NEW CROP 2012 DELIVERY
|
AREA |
US 2
CORN |
US 1
SOYBEANS |
***US
2
SOFT
WHEAT |
| NORTHERN |
4.97 - 5.08 |
13.08 - 13.21 |
|
| WESTERN |
4.96 - 5.09 |
13.10 - 13.23 |
|
| N. CENT. |
5.01 - 5.10 |
13.18 - 13.28 |
|
| S. CENTRAL |
5.04 - 5.18 |
13.15 - 13.28 |
|
| WABASH |
5.10 - 5.20 |
13.20 - 13.28 |
6.45 - 6.50 |
| W.S. WEST |
5.12 - 5.18 |
13.25 - 13.34 |
6.57 - 6.63 |
|
L. EGYPT |
5.20 - 5.21 |
13.16 - 13.28 |
6.44 - 6.55 |
***June/July 2012 Delivery
Cent. Ill. Average Price at Country
Elevators
| Week of |
3/29/2012 |
3/22/2012 |
| |
Price Basis |
Price Basis |
| Corn |
6.011/2 -21/2 K |
6.65 - 4 K |
| Soybeans |
13.351/2 -20K |
13.51 1/2 -17 1/2 K
|
[Text copied from
USDA-IL
Dept of Ag Market News, Springfield]
 |
