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Illinois country grain prices were
sharply lower on Friday afternoon.
Poor export interest and profit
taking at the Board of Trade pushed corn futures lower.
In Northern and Western Illinois country grain dealers quoted
shelled corn bids 20 to 22 cents lower at 7.28-7.43.
Soybean bids were 24 to 27 cents
lower at 14.91-15.02.
In Central Illinois country grain dealers quoted shelled corn
bids were 20 to 21 cents lower at 7.41-7.56.
Soybean bids were 26 cents lower
at
15.04-15.14.
In the Southern part of the state, shelled corn bids were 20 to
21 cents lower at 7.48-7.65.
Soybean bids were 23 to 26 cents
lower at 15.00-15.23.
Wheat bids were 29 to 30 cents
lower at 8.20-8.37.
Illinois grains-Grain futures ended mixed at the Chicago Board
of Trade, with corn and wheat higher and soybeans ending lower.
Thursday's rally due to the
reaction to the USDA's October Crop Production report put corn
and wheat futures into positive territory for the week.
As the soybean harvest progressed,
traders were hearing that soybean yields had been better than
expected by farmers, this news weighed on prices.
However, good export demand keeps
supporting the soybean market, as weekly export sales were over
trade expectations at
500,700 metric tonnes.
In the October Crop Production report, the USDA forecasted the
size of the US corn crop to be 10.706 billion bushels, with an
average yield of 122 bushels per acre.
This compares to the September
report which placed the size of the crop at 10.727 billion
bushels, with an average yield of 122.8 bpa.
The size of the US soybean crop
was estimated at 2.806 billion bushels, compared to 2.634
billion last month.
The average yield was estimated to
be 37.8 bpa, compared to 35.3 bpa last month.
The carryout figure for corn was
under the average trade estimate at only 619 million bushels,
compared to 733 million last month.
The carryout number for soybeans
was 130 million bushels, compared to 115 million last month.
In Illinois, the average yield estimate fell to under 100
bushels per acre for the 2012 corn crop.
The average yield of the Illinois corn crop was estimated at 98
bpa, compared to 110 bpa last month.
This would forecast Illinois corn
production at 1.2 billion bushels, compared to 1.9 billion last
year.
The state?s soybean crop was
expected to average 39 bpa, compared to 37 bpa last month.
This would estimate Illinois
soybean production at 343.2 million bushels, compared to 475.3
million last year.
The soybean harvest and wheat planting made excellent progress
last week.
According to the USDA?s Illinois
Weather and Crops report, from the Illinois Field Office in
Springfield, the Illinois corn harvest had reached 80% complete,
compared to 44% last year and 44% for the five year average.
The soybean crop was now 47%
harvested in the state of Illinois, compared to 39% last year
and 42% for the five year average.
Now that the Fly Free day has
passed for
many areas of the state, wheat planting has expanded in many
regions, especially the
southern and central.
Wheat planting was now 30%
complete, compared to 9% last week and 26% for the five year
average.
There was 4% of the crop already
emerged, compared to 5% last year and 5% for the five year
average.
The frost and cold temperatures
this week will probably slow pasture production in many areas.
So far there was 23% rated good to
excellent, with 36% fair and 41% rated very poor to poor.
The trading in the cash grain market was slow to moderate.
Cash basis strengthened this week
at both processors and river terminals. While both processors
and river terminals wanted to become more competitive, the river
terminals were also supported by lower rates for
spot barge freight.
[to top of second column] |
The Central Illinois Soybean
Processors cash bids ended mixed at 15.58-15.63, with basis
steady to 10 cents higher ranging from +10X to +15X.
The Central Illinois Corn
Processors cash bids were up 16 to 18 cents ranging from
7.78-7.88, with basis steady to 2 cents higher ranging from +5Z
to +15Z.
At the Illinois River terminals
south of Peoria, cash corn bids ended 16 to 18 cents higher
ranging from 7.60-7.65, with basis steady to up 2 cents at -13Z
to -8Z.
Cash soybean bids gained 2 to 4
cents at 15.47-15.48, with basis up 5 to 7 cents ranging from
-1X to option X.
New crop wheat bids for delivery
in July 2013 ended 16 to 18 cents higher ranging from 8.27-8.31,
with basis steady to 2 cents lower at -34N to -30N.
At the Illinois River terminals
north of Peoria, cash corn bids gained 19 to 22 cents to
7.59-7.63, with basis up 3 to 6 cents at -14Z to -10Z.
Cash soybean bids were down 1 to 3
cents to 15.36-15.39, with basis steady to 2 cents higher
ranging from -12X to -9X. New crop wheat bids for July 2013
delivery gained 18 to 19 cents to range from 8.26-8.36, with
basis steady to up 1 cent at -35N to -25N.
At the St. Louis terminals
cash corn bids were 17 to 23 cents higher at 7.34-7.73, with
soybeans up 1 to 3 cents ranging from 15.55-15.63.
Cash bids for Soft Red Winter
wheat increased 35 to 37 cents to 8.63-8.66 and cash sorghum
bids were 37 cents higher to range from 7.43-7.44.
In northern and western Illinois, cash corn bids to producers at
country elevators were 16 to 26 cents higher at 7.50-7.63, with
central Illinois locations up 12 to 16 cents at 7.62-7.76 and in
southern Illinois bids gained 12 to 13 cents to range from
7.69-7.85.
 Cash soybean bids in northern and
western locations were mixed at 15.17-15.29 with central
Illinois bids down 2 to 7 cents at 15.30-15.40 and southern
Illinois bids were 1 cent higher at 15.23-15.49.
Cash wheat bids for Soft Red
Winter wheat in southern Illinois locations increased 4 to 16
cents to 8.50-8.66.
New crop wheat bids for June-July
delivery in southern Illinois gained 24 cents to range
from 8.12-8.38
___
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 |
7.37 - 7.43 |
14.94 - 15.02 |
|
|
WESTERN |
7.28 - 7.39 |
14.91 - 14.96 |
|
|
N. CENT. |
7.41 - 7.50 |
15.06 - 15.14 |
|
|
S. CENTRAL |
7.42 - 7.56 |
15.04 - 15.14 |
|
|
WABASH |
7.53 - 7.65 |
15.00 - 15.11 |
8.24 - 8.37 |
|
W.S. WEST |
7.48 - 7.58 |
15.14 - 15.23 |
8.20 - 8.37 |
|
L. EGYPT |
7.53 - 7.61 |
15.03 - 15.12 |
8.27 - 8.36 |
Central Illinois average price
Corn: 7.48 1/2 (- 2 Z)
Soybeans:
15.09 (-13 1/2X)
CONTRACT BIDS FOR JANUARY 2013 DELIVERY
|
AREA |
US 2
CORN |
US 1
SOYBEANS |
***US
2
SOFT
WHEAT |
|
NORTHERN |
7.39 - 7.50 |
14.98 - 15.09 |
|
|
WESTERN |
7.35 - 7.48 |
14.91 - 15.10 |
|
|
N. CENT. |
7.47 - 7.59 |
15.14 - 15.23 |
|
|
S. CENTRAL |
7.53 - 7.63 |
15.21 - 15.29 |
|
|
WABASH |
7.68 - 7.81 |
15.07 - 15.22 |
8.00 - 8.11 |
|
W.S. WEST |
7.60 - 7.70 |
15.25 - 15.37 |
7.91 - 8.18 |
|
L. EGYPT |
7.73 - 7.78 |
15.20 - 15.30 |
8.06
- 8.11 |
***June/July 2013 delivery
Cent. Ill. Average Price at Country
Elevators
|
Week of |
10/11/2012 |
10/4/2012 |
| |
Price--Basis |
Price--Basis |
|
Corn |
7.69 -4Z |
7.55 - 2Z |
|
Soybeans |
15.35 -13« X |
15.39 1/2 -12X |
Annual Comparison
|
|
Sept 2012 |
Sept 2011 |
| |
Price--Basis |
Price--Basis |
|
Corn |
7.83 +6Z |
6.77
-17Z |
|
Soybeans |
16.95 -5X |
13.12 -13X |
[Text copied from
USDA-IL
Dept of Ag Market News, Springfield]
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