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Illinois grain prices in country elevators

(Note: In observance of the holiday, this report will not be issued on Monday)

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[May 26, 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 mostly higher on Friday afternoon. Technical trading at the Board of Trade supported grain futures. Many traders evened positions before the extended holiday weekend. In the cash markets, trading continued to be very slow. The cash corn basis did show improvement at many river terminals.

In Northern and Western Illinois country grain dealers quoted shelled corn bids steady to 4 cents lower at 5.85-6.00.

Soybean bids traded 6 to 8 cents higher at 13.56-13.66.

In Central Illinois country grain dealers quoted shelled corn bids were steady to 3 cents lower at 5.97-6.11.

Soybean bids were mostly 6 cents higher at 13.63-13.77.

In the Southern part of the state, shelled corn bids were steady to 3 cents lower at 5.96-6.27.

Soybean bids were 3 to 7 cents higher at 13.70-13.84.

Wheat bids were 10 to 13 cents higher at 6.45-6.65.

Illinois grains- Grain futures ended mixed, with wheat values higher and corn and soybeans sharply lower. Wheat futures had support from dry soil conditions in the hard red wheat growing regions. In the USDA's

Weekly Crop Progress report the good to excellent range for wheat in Kansas fell from 53% last week to 43% this week.

Weekly export sales for corn this week were the lowest in several months. This plus a better chance for rain next week helped to push prices lower.

Fund selling at the Board of Trade was also a major source of pressure this week in corn and soybean futures.

The job of planting the state's corn crop was almost complete. Illinois producers had planted 99% of the state's corn crop, compared to 84% last year and the five year average of 79%, according to the USDA's Illinois Weather and Crops report, from the Illinois Field Office in Springfield.

Crop progress was also ahead of schedule as 88% of the crop had emerged, compared to 47% last year and the five year average of 55%.

The crop was also in very good shape, with 79% in good to excellent condition, with 18% fair and 3% in very poor to poor condition.

Soybean planting was 80% complete, compared to 38% last year and the five year average of 37%. There was 40% of the crop emerged, compared to 9% last year and 13% for the five year average.

The wheat crop continued to mature ahead of schedule as 45% had turned yellow, compared to 1% last year and less than one per cent for the five year average.

We have had report of several loads of wheat being delivered to terminals and country elevators this week. Most of the loads contained way too much moisture, but the quality was good. The elevators
were hoping producers would wait until after the Memorial Day holiday to begin the wheat harvest in Illinois.

This past period of dry weather has given hay producers a great chance to bale some dry high quality hay. The first cutting of alfalfa was 68% complete, compared to 13% last year and the five year average of 19%. There were a few producers in southern Illinois able to harvest their second cutting of alfalfa.


The trading in the cash grain market was slow. Sharply lower bids for corn and soybeans put the lid on farmer selling. Lower basis levels for cash corn at many river terminals pushed bids even lower, now many producers were content to hope for a rally.

At the Central Illinois Soybean Processors cash bids ended 55 to 62 cents lower at 13.86-13.91; with basis mostly steady ranging from +10N to +15N.

The Central Illinois Corn Processors cash bids were 52 to 54 cents lower with bids ranging from 6.18-6.31, and basis 5 to 7 cents lower at +40N to +53N.

At the Illinois River terminals south of Peoria, cash corn bids ended 71 to 73 cents lower ranging from 5.97-6.02, with basis down 21 to 24 cents at +19N to +24N.

Cash soybean bids decreased 68 cents at 13.77-13.82, with basis losing 6 cents to range from +1N to +6N.

New crop corn bids for October delivery were down 12 to 13 cents to range from 4.93-5.00, with basis steady to up 1 cent at -22Z to -15Z.

New crop soybean bids fell 29 to 30 cents to 12.58-12.67, with basis steady to 1 cent higher at -18X to -9X.

New crop wheat bids for July 2012 delivery were 7 to 9 cents lower ranging from 6.43-6.47, with basis dropping 12 to 16 cents ranging from -20N to -16N.

At the Illinois River terminals north of Peoria, cash corn bids fell 69 cents to 5.92-5.97, with basis down 22 cents at +14N to +19N.

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Cash soybean bids were down 64 to 66 cents to 13.76-13.82, with basis down 2 to 5 cents to option N to +6N.

New crop corn bids for October delivery ended 13 to 14 cents lower at 4.90-4.92, with basis steady to 1 cent lower ranging from -25Z to -23Z.

New crop soybean bids lost 29 to 30 cents to 12.57-12.59, with basis steady to 1 cent higher at -19X to -17X.

New crop wheat bids were down 8 to 9 cents to 6.45-6.46, with basis falling 13 to 14 cents to -18N to -17N.

At the St. Louis terminals cash corn bids were 52 to 58 cents lower at 6.24-6.25, with soybeans down 66 to 68 cents from 13.96-14.01.

Cash bids for Soft Red Winter wheat lost 7 cents to 6.67-6.68, and cash sorghum bids fell 42 cents to range from 5.50-5.51.

In northern and western Illinois, cash corn bids to producers at country elevators were 48 to 55 cents lower at 5.91-6.00, with central Illinois locations down 48 to 50 cents at 5.97-6.14 and in southern Illinois bids lost 43 to 60 cents to range from 5.98-6.32.

Cash soybean bids in northern and western were down 63 to 65 cents at 13.48-13.60 with central Illinois bids losing 55 to 59 cents to 13.55-13.74 and southern Illinois decreased 63 to 64 cents at 13.63-13.81.

Cash wheat bids for Soft Red Winter wheat in
southern Illinois locations ended 5 to 9 cents lower to range from 6.32-6.49.

New crop corn bids to producers at the country elevators in northern and western Illinois were 11 to 17 cents lower to range from 4.72-4.81, with central Illinois locations down 12 to 13 cents at 4.78-4.94 and in southern Illinois bids dropped 9 to 10 cents to 4.90-5.02.

New crop soybean bids for October delivery in northern and western Illinois were 24 to 28 cents lower at 12.33-12.50, with central Illinois locations down 30 to 31 cents to 12.37-12.53 and in southern Illinois bids dropped 29 to 30 cents at 12.43-
12.63.

New crop wheat bids for June-July 2012 delivery in southern Illinois ended mixed at 6.39-6.62.

___

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 5.85 - 5.86 13.56 - 13.60  
WESTERN  5.90 - 6.00 13.56 - 13.66  
N. CENT. 5.97 - 6.02 13.63 - 13.69  
S. CENTRAL  6.04 - 6.11 13.66 - 13.77  
WABASH  6.13 - 6.21 13.70 - 13.74 6.55 - 6.65
W.S. WEST 5.96 - 6.11 13.72 - 13.80 6.48 - 6.59
L. EGYPT 6.13 - 6.27 13.74 - 13.84 6.45 - 6.60

Central Illinois average price

Corn: 6.04 (+25 1/2N)
Soybeans:
13.70 (-12 N)

CONTRACT BIDS FOR NEW CROP 2012 DELIVERY

AREA 

US 2

CORN

US 1

SOYBEANS

 ***US 2

SOFT

WHEAT 

NORTHERN 4.78 - 4.81 12.46 - 12.54  
WESTERN  4.78 - 4.86 12.44 - 12.58  
N. CENT. 4.84 - 4.93 12.52 - 12.64  
S. CENTRAL 4.86 - 4.99 12.49 - 12.64  
WABASH  4.94 - 5.01 12.59 - 12.65 6.50 - 6.65
W.S. WEST 5.01 - 5.07 12.68 - 12.76

 6.62 - 6.70

L. EGYPT

5.01 - 5.02

12.57 - 12.65

6.47 - 6.60

***June/July 2012 Delivery

 

Cent. Ill. Average Price at Country Elevators
Week of 5/24/2012 5/17/2012
  Price Basis Price Basis
Corn

6.05 1/2 +27 N

6.54 1/2 +29 1/2 N

Soybeans

13.64 1/2 -11 1/2 N

14.21 1/2 -16 1/2 N


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

 

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