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Illinois grain prices in country elevators

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[May 05, 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 mixed on Friday afternoon, with corn and soybeans higher and wheat lower. Corn and soybeans started the day lower because of non-commercial selling. Later in the session commercial interest started buying, allowing corn and soybeans to finish higher. Corn processor basis continues to improve with increases of 6 to 8 cents noted.

In Northern and Western Illinois country grain dealers quoted shelled corn bids 7 to 14 cents higher at 6.31-6.45. Soybean bids traded 3 to 5 cents higher at 14.50-14.63.

In Central Illinois country grain dealers quoted shelled corn bids were 7 to 13 cents higher at 6.34-6.59. Soybean bids were 2 to 9 cents higher at 14.54-14.74.

In the Southern part of the state, shelled corn bids were 5 to 10 cents higher at 6.44-6.60. Soybean bids were 4 to 6 cents higher at 14.63-14.81. Wheat bids were 4 to 6 cents lower at 5.86-6.06.

Illinois grains- Grain futures ended mixed this week, with soybean and wheat bids lower and corn trading slightly to moderately higher.

Liquidation selling as recession fears tied to Europe swept across the grain complex resulted in grain losses.

The dollar traded higher in response to the weaker Euro.

Corn posted gains on strong export sales
for the week. Weekly export sales for corn were well above expectations at 3,472,200 tonnes with 1,331,900 tonnes slated for 2011-2012 season. The totals were the highest since 1991.

Soybeans had weekly export sales well above expectations at 1,732,000 tonnes with 598,000 tonnes slated for 2011-2012 season.

Wheat followed other grains lower as ample world wheat stocks are meeting global demands and limiting buyer interest.

In the Illinois Weather and Crops update released Monday, by the USDA's NASS Illinois Field Office, most of the state experienced cooler temperatures and below normal rainfall compared to previous weeks.

Temperatures averaged 54.1 degrees, 2.2 degrees below normal. Statewide
precipitation averaged 0.46 inches, 0.40 inches below normal. The rainfall was heavier during the weekend, enabling a good amount of fieldwork to be completed during the week, days suitable increased to 4.8 days, compared to 3.9 the previous week.

Corn planting progress has reached 79 percent statewide, compared to 10 percent this time last year and a 5-year average of 29 percent.

Soybean planting progress is at 13 percent, compared to a 5-year average of 2 percent. The first report of soybeans emergence was received last week.

Wheat headed is at 80 percent compared to the 5-year average of 6 percent.

Topsoil moisture was rated at 4 percent very short, 18 percent short, 63 percent adequate, and 15 percent surplus.

Winter wheat conditions are now rated at 4 percent very poor to poor, 16 percent fair, 60 percent good and 20 percent excellent.

The trading in the cash grain market was slow.

Basis for cash corn continued to improve at both processors and river terminals.

At the Central Illinois Soybean Processors cash bids ended 4 1/2 to 10 1/2 cents
lower at 14.76 1/2 -14.83 1/2, with basis at 3N to 10N.

The Central Illinois Corn Processors cash bids were 16 to 19 cents higher with bids
ranging from 6.50-6.66 with basis 9 to 12 cents higher at +35N to +52N.

At the Illinois River terminals south of Peoria, cash corn bids ended 12 1/2 to 19 1/2 cents higher ranging from 6.56-6.58, with basis at +42N to +43N.

Cash soybean bids dropped 11 1/2 to 12 1/2 cents at 14.74-14.78, with basis at +1N to +4N.

New crop corn bids for October delivery were
down 1/2 cent to range from 5.06-5.10, with basis 5 cents higher at -23Z to -19Z.

New crop soybean bids advanced 9 to 16 cents to 13.50-13.60, with basis steady to 70 cents higher ranging from -18X to -8X.

New crop wheat bids for July 2012 delivery were 20 cents lower ranging from 6.06-
6.16, with basis steady ranging from -10N to option N.

At the Illinois River terminals north of Peoria, cash corn bids gained 11 to 14 cents at
6.51-6.52, with basis at +36 1/2N to +37 1/2N. Cash soybean bids dropped 11 1/2 to 12 1/2 cents lower at 14.72 1/2 -14.74 1/2, with basis at -1N to +1NK.

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New crop corn bids for October delivery ended 1/2 to 3 1/2 cents lower at 5.02 1/2 -5.08 1/2, with basis 2 to 5 cents higher ranging from -27Z to -21Z.

New crop soybean bids gained 16 to 17 cents to 13.50-13.52, with basis 7 to 8 cents higher at -18X to -16X.

New crop wheat bids were down 20 cents to 6.10-6.12, with basis unchanged at -5N to -4N.

At the St. Louis terminals cash corn bids were 19 to 20 cents higher at 6.70-6.74, with soybeans down 10 to 11 cents from 14.95-14.96.

Cash bids for Soft Red Winter wheat dropped 19 cents to 6.30-6.31, with cash sorghum bids down 14 cents to range from 5.84-5.85.

In northern and western Illinois, cash corn bids to producers at country elevators were 10 to 16 cents higher at 6.23-6.31, with central Illinois locations 13 to 16 cents higher at 6.27-6.46 and in southern Illinois bids
gained 4 to 15 cents to range from 6.39-6.50.

Cash soybean bids in northern and western were down 7 to 14 cents at 14.53-14.57 with central Illinois bids losing 4 to 5 cents to 14.53-14.65 and southern Illinois decreased 5
to 10 cents at 14.58-14.76.

Cash wheat bids for Soft Red Winter wheat in
southern Illinois locations ended 18 to 19 cents lower to range from 5.92-6.10.

New crop corn bids to producers at the country elevators in northern and western Illinois were 4 to 5 cents lower to range from 4.85-5.01, with central Illinois locations down 1 to 6 cents at 4.92-5.07 and in southern
Illinois bids fell 4 cents to 5.01-5.12.

New crop soybean bids for October delivery in northern and western Illinois were 9 to 14 cents higher at 13.24-13.33, with central Illinois locations up 9 cents to 13.27-13.38
and in southern Illinois bids gained 12 to 14 cents at 13.33-13.54.

New crop wheat bids for July 2012 delivery in southern Illinois ended 15 to 20 cents lower at 5.91-6.19.

___

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 6.31 - 6.45 14.50 - 14.53  
WESTERN  6.35 - 6.41 14.52 - 14.63  
N. CENT. 6.34 - 6.40 14.54 - 14.74  
S. CENTRAL 6.43 - 6.59 14.57 - 14.70  
WABASH  6.45 - 6.52 14.63 - 14.70 5.86 - 5.95
W.S. WEST 6.50 - 6.55 14.68 - 14.81 5.96 - 6.06
L. EGYPT 6.44 - 6.60 14.65 - 14.78 5.90 - 6.02

Central Illinois average price

Corn: 6.46 1/2 (+26 1/2N)
Soybeans:
14.64 (-14 N)

CONTRACT BIDS FOR NEW CROP 2012 DELIVERY

AREA 

US 2

CORN

US 1

SOYBEANS

 ***US 2

SOFT

WHEAT 

NORTHERN 4.81 - 4.95 13.23 - 13.32  
WESTERN  4.80 - 4.88 13.22 - 13.39  
N. CENT. 4.87 - 4.95 13.26 - 13.37  
S. CENTRAL 4.88 - 5.02 13.27 - 13.37  
WABASH  4.96 - 5.06 13.32 - 13.37 5.85 - 5.97
W.S. WEST 4.99 - 5.06 13.50 - 13.52

6.08 - 6.13

L. EGYPT

5.00 - 5.05

 13.32 - 13.37

5.90 - 6.02

***June/July 2012 Delivery

 

Cent. Ill. Average Price at Country Elevators
Week of 5/4/2012   4/26/2012
  Price Basis Price Basis
Corn

6.36 1/2 22N

 6.22  -2K

Soybeans

14.58 1/2 -15N

14.63 1/2   -18K


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

 

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