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Illinois grain prices in country elevators

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[November 03, 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 lower on Friday afternoon.

Fund selling at the Board of Trade helped to push grain futures lower.

The stronger US dollar also helped to weaken prices.

In Northern and Western Illinois country grain dealers quoted shelled corn bids 11 to 12 cents lower at 7.17-7.35.

Soybean bids were 34 to 37 cents lower at 14.90-15.06.
 
In Central Illinois country grain dealers quoted shelled corn bids were 12 to 16 cents lower at 7.29-7.46.

Soybean bids were 33 to 38 cents lower at 15.09-15.22.

In the Southern part of the state, shelled corn bids were mostly 9 to 11cents lower at 7.18-7.60.

Soybean bids were 28 to 33 cents lower at
15.05-15.24.

Wheat bids were mostly 4 cents lower at 8.44-8.58. 
 


Illinois grains-Grain futures ended mixed at the Chicago Board of Trade, with corn higher and wheat and soybeans moving lower. 

The outside markets were the major influences early this week, as Hurricane Sandy closed financial markets in New York on Monday and Tuesday.

The normal release of the USDA's reports was delayed as well due to many offices in Washington being closed. 

Any other fundamental news items for the grain market were few and far between. 

The next major type grain report will be released by the USDA on November 9th , and that will be the monthly Crop Production numbers and updated Supply Demand forecasts. 

Some private forecasts were released this week to give the public their ideas on the size of the 2012 crops.

Export interest continues to be moderate to good for US soybeans, with demand for US corn light to moderate at best.

Prices for US corn continue to be higher than most countries, with the South American corn price being more competitive.

The fall soybean harvest made good progress last week, with drier weather this week farmers should have again made good progress to close the 2012 harvest.

Many producers, especially in central Illinois were busy with fall fertilizer application, with some starting to apply anhydrous ammonia.

According to the USDA's Illinois Weather and Crops report, from the Illinois Field Office in Springfield, the Illinois corn harvest had reached 94% complete, compared to 92%
last week and 69% for the five year average. 

The soybean crop was 87% harvested in the state of Illinois, compared to 80% last week and 80% for the five year average.

Wheat planting was 81% done, compared to 69% last week and 79% for the five year average. 

There was 49% of the crop emerged, compared to 57% last year and 53% for the five year average. 

Pastures conditions were rated at 21% very poor to poor, with 30% fair and 49% in good to excellent condition.

The trading in the cash grain market was moderate. 

Cash basis was mixed for the week, but the river terminals did recover their losses from last week to end higher. 

Barge freight rates weakened to become more reasonable for the river terminal managers to use.

The Central Illinois Soybean Processors cash bids ended mixed at 15.67-15.76, with basis steady to 7 cents higher at +9X to +18X.

The Central Illinois Corn Processors cash bids were up 4 to 9 cents ranging from 7.51-7.61, with basis steady to 5 cents lower ranging from option Z to +10Z.

At the Illinois River terminals south of Peoria, cash corn bids ended 16 cents higher
ranging from 7.38-7.43, with basis up 7 cents at -13Z to -8Z.

[to top of second column]

Cash soybean bids gained 11 to 16 cents at 15.60-15.65, with basis gaining 17  to 22 cents ranging from +2X to +7X.

New crop wheat bids for delivery in July 2013 ended 10 to 14 cents higher ranging from 8.42-8.47, with basis steady to 4 cents higher at -35N to -30N.

At the Illinois River terminals north of Peoria,
cash corn bids gained 9 to 11 cents to 7.33-7.36, with basis steady to 2 cents higher at -18Z to -15Z.

Cash soybean bids were up 2 to 8 cents to 15.49-15.53, with basis 6 to 13 cents
stronger ranging from -91/2 X to -5X.

New crop wheat bids for July 2013 delivery gained 10 cents to range from 8.50-8.52, with basis steady at -27N to -25N.

At the St. Louis terminals cash corn bids were up 4 to 9 cents at 7.21-7.27, with soybeans up 3 to 9 cents ranging from
15.52-15.64.

Cash bids for Soft Red Winter wheat gained 1 cent to 8.53-8.54 and cash sorghum bids were 2 cents lower to range from 7.10-7.11. 

In northern and western Illinois, cash corn bids to producers at country elevators were 10 cents higher at 7.29-7.46, with central Illinois locations up 9 to 14 cents at 7.45-7.58 and in southern Illinois bids gained 7 to 13 cents to range from 7.27-7.61.

Cash soybean bids in northern and western locations were steady to 4 cents lower at 15.27-15.40 with central Illinois bids mixed at
15.42-15.64 and southern Illinois bids were steady to 3 cents stronger at 15.33-15.57.

Cash wheat bids for Soft Red Winter wheat in southern Illinois locations dropped 4 cents to 8.36-8.59.

New crop wheat bids for June-July delivery in southern Illinois advanced 4 to 10 cents to
range from 8.21-8.47.

___

Commercial grain prices paid farmers by Interior Illinois Country Elevators after 2.00 p.m. xxx are listed below in dollars per bushel:

AREA 

US 2

CORN

US 1

SOYBEANS

 US 2

SOFT

WHEAT 

NORTHERN

 7.25 - 7.35  14.90 - 15.06  

WESTERN 

7.17 - 7.26 14.93 - 15.06  

N. CENT.

7.29 - 7.44 15.13 - 15.22  

S. CENTRAL

7.40 - 7.46 15.09 - 15.19  

WABASH 

7.48 - 7.60 15.14 - 15.17 8.50 - 8.55

W.S. WEST

7.18 - 7.28 15.05 - 15.23 8.50 - 8.58

L. EGYPT

7.48 - 7.50 15.22 - 15.24 8.44 - 8.50

Central Illinois average price

Corn: 7.37 1/2 (- 2    Z)
Soybeans:
15.15 1/2 (-11    X)

CONTRACT BIDS FOR JANUARY 2013 DELIVERY

AREA 

US 2

CORN

US 1

SOYBEANS

 ***US 2

SOFT

WHEAT 

NORTHERN

7.32 - 7.46 14.88 - 15.09  

WESTERN 

7.22 - 7.32 15.07 - 15.17  

N. CENT.

7.29 - 7.35  15.13 - 15.22  

S. CENTRAL

7.41 - 7.59 15.26 - 15.35  

WABASH 

7.50 - 7.58 15.15 - 15.25 8.35 - 8.45

W.S. WEST

7.27 - 7.33 15.29 - 15.40

8.19 - 8.35 

L. EGYPT

7.63 - 7.71

15.27 - 15.35

8.40 - 8.45

***June/July 2013 delivery
 

Cent. Ill. Average Price at Country Elevators

Week of

11/1/2012 

10/25/2012
  Price--Basis Price--Basis

Corn

7.51 1/2 + 1/2 Z

 7.40 - 2Z 

Soybeans

15.53 -5 1/2 X

15.52 -12X

Annual Comparison

 

October 2012

October 2011

  Price--Basis Price--Basis

Corn

7.48 - 2Z

6.23 - 9Z

Soybeans

15.27 -12X

11.87 -27X

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

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