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Illinois country grain prices were
lower on Friday, with soybean futures ending sharply lower.
The sharply lower soybean close
was traders' reaction to the USDA's report Friday morning.
The USDA's forecast for the US
soybean production was higher than expected.
The US soybean yield was expected
to be 39.3 bushels per acre.
The Illinois soybean crop was
expected to average 43 bushels per acre with corn at 101 bushels
per acre.
In Northern and Western Illinois country grain dealers quoted
shelled corn bids 1 to 2 cents lower at 7.18-7.31.
Soybean bids were 42 to 47 cents
lower at
14.19-14.31.
In Central Illinois country grain dealers quoted shelled corn
bids were 1 to 3 cents lower at 7.29-7.46.
Soybean bids were 44 to 49 cents
lower at 14.31-14.52.
In the Southern part of the state, shelled corn bids were mixed
at 7.23-7.53.
Soybean bids were 43 to 48 cents
lower at 14.31-14.54.
Wheat bids were 15 to 20 cents
lower at 8.54-8.84.
Illinois grains-Grain futures ended mixed at the Chicago Board
of Trade, with wheat higher and corn and soybeans moving lower.
Many traders looked forward to the
USDA's crop report on Friday. Many wanted to take profits on
positions and head to the sidelines or bet the USDA would
increase the size of the US soybean crop and sell the market.
Wheat futures would get a boost
from stronger European prices and low crop condition ratings
from the southern plain states.
Corn futures continue to get
pressure from poor export sales figures and export
interest.
The size of the US corn and soybean crop increased from the
October forecasts, in the USDA's Crop Production and Supply
Demand reports released Friday morning. If you were one of those
traders betting on a larger soybean crop, you would have been
correct.
The US soybean crop was
forecasted to be 2.971 billion bushels in the November report,
up from 2.86 billion in October.
The average yield was up to 39.3
bushels per acre, up from 37.8 in October.
The size of the corn crop was also
estimated to be a little bigger than the October forecast.
The US corn production was
estimated at 10.725 billion bushels, up from 10.706 billion in
October.
The average yield also received a
boost from 122.0 bushels per acre in October to 122.3 bpa in the
November report.
Ending stock estimates were also
larger than the October forecast with soybeans at 140 million
bushels, corn at 647 million and wheat at 704 million bushels.
The Illinois numbers for yield and production were also up in
the November report. The average yield for corn increased from
98 bushels per acre in October to 101 bpa in the November report
that also would compare to 157 bpa last year.
Corn production in Illinois this
year was forecasted at 1.252 billion bushels.
The average soybean yield also
went up in the November report. This month the average soybean
yield was forecasted at 43 bpa, up from 39 bpa last month and
compares to 48 bpa last year. Soybean production in Illinois was
forecasted to be 378.4 million bushels.
The drier weather last week helped farmers make good progress
with soybean harvest. According to the USDA's Illinois Weather
and Crops report, from the Illinois Field Office in Springfield,
the Illinois corn harvest had reached 98% complete, compared to
94% last week and 77% for the five year average. The soybean
crop was 96% harvested in the state of Illinois, compared to 87%
last week and 87% for the five year average. Wheat planting was
96% done, compared to 81% last week and 86% for the five year
average.
Our young Illinois wheat
crop was in much better shape than the crop in the southern
plains. The Illinois crop placed 78% in the good to excellent
range, with 21% fair and only 1% rated poor.
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The trading in the cash grain market was slow to moderate. Many
grain merchandisers switched their spot basis month from
November (X) to January (F), so there will be no comparison on
spot basis in many cases. Cash basis was mixed for the week, but
felt weaker than it was.
The Central Illinois Soybean
Processors cash bids dropped 57 to 63 cents to 15.10-15.13, with
basis at +14F
to +17F.
The Central Illinois Corn
Processors cash bids were down 10 cents ranging from 7.41-7.51,
with basis steady ranging from option Z to +10Z. At the Illinois
River terminals south of Peoria, cash corn bids ended 7 to 13
cents lower ranging from 7.25-7.36, with basis mixed at -16Z to
-5Z. Cash soybean bids lost 63 to 64 cents at 14.96-15.02, with
basis ranging from option F to +6F.
New crop wheat bids for delivery
in July 2013 ended 18 to 21 cents higher ranging from 8.63-8.65,
with basis steady to 3 cents higher at -32N to -30N.
At the Illinois River terminals
north of Peoria, cash corn bids fell 5 cents to 7.28-7.31, with
basis 5 cents higher at -13Z to -10Z. Cash soybean bids were
down 55 cents to 14.94-14.98, with basis ranging from -2F to
+2F.
New crop wheat bids for July 2013
delivery gained 18 cents to range from 8.68-8.70, with basis
steady at -27N to -25N. At the St. Louis terminals cash corn
bids were up 5 to 15 cents at 7.26-7.42, with soybeans down 42
to 52 cents ranging from 15.10-15.11.
Cash bids for Soft Red
Winter wheat gained 37 cent to 8.90-8.91 and cash sorghum bids
were 20 cents lower to range from 6.90-6.91.
In northern and western Illinois, cash corn bids to producers at
country elevators were 6 to 13 cents lower at 7.23-7.33, with
central Illinois locations down 10 to 14 cents at 7.31-7.48 and
in southern Illinois bids lost 6 to 22 cents to range from
7.05-7.55.
Cash soybean bids in northern and
western locations were 62 to 64 cents lower at 14.63-14.78 with
central Illinois bids down 64 to 73 cents at 14.78-14.91 and
southern Illinois bids fell 56 to 58 cents to range from
14.76-14.99.
Cash wheat bids for Soft Red
Winter wheat in southern Illinois locations gained 44 to 49
cents to 8.85-9.03.
New crop wheat bids for June-July
delivery in southern Illinois gained 18 to 19 cents to range
from 8.39-8.66.
_____
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 |
7.22 - 7.31 |
14.19 - 14.31 |
|
|
WESTERN |
7.18 - 7.27 |
14.23 - 14.31 |
|
|
N. CENT. |
7.30 - 7.43 |
14.35 - 14.46 |
|
|
S. CENTRAL |
7.29 - 7.46 |
14.31 - 14.52 |
|
|
WABASH |
7.42 - 7.53 |
14.31 - 14.48 |
8.54 - 8.81 |
|
W.S. WEST |
7.23 - 7.28 |
14.38 - 14.50 |
8.62 - 8.80 |
|
L. EGYPT |
7.47 - 7.51 |
14.32 - 14.54 |
8.67 - 8.84 |
Central Illinois average price
Corn: 7.37 1/2 (-1 Z)
Soybeans:
14.41 1/2 (-10 F)
CONTRACT BIDS FOR JANUARY 2013 DELIVERY
|
AREA |
US 2
CORN |
US 1
SOYBEANS |
***US
2
SOFT
WHEAT |
|
NORTHERN |
7.30 - 7.44 |
14.20 - 14.35 |
|
|
WESTERN |
7.25 - 7.37 |
14.32 - 14.39 |
|
|
N. CENT. |
7.39 - 7.47 |
14.39 - 14.48 |
|
|
S. CENTRAL |
7.30 - 7.58 |
14.39 - 14.54 |
|
|
WABASH |
7.51 - 7.64 |
14.47 - 14.56 |
8.58 - 8.59 |
|
W.S. WEST |
7.26 - 7.34 |
14.49 - 14.59 |
8.32 - 8.39 |
|
L. EGYPT |
7.58 - 7.67 |
14.51 - 14.59 |
8.50 - 8.57 |
***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] |
