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Illinois grain prices in country elevators

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[October 20, 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 mixed Friday afternoon.

Wheat futures received a boost when Russian officials announced they would be banning wheat exports by November 15th.

In Northern and Western Illinois country grain dealers quoted shelled corn bids steady to 1 cent higher 7.37-7.52.

Soybean bids were 10 to 15 cents lower at 15.01-15.16.

In Central Illinois country grain dealers quoted shelled corn bids were steady to 1 cent higher at 7.51-7.71.

Soybean bids were 9 to 12 cents lower at 15.15-15.29.

In the Southern part of the state, shelled corn bids were mostly steady to 1 cent higher at 7.34-7.74.

Soybean bids were 10 to 20 cents lower at 15.09-15.26.

Wheat bids were mostly 3 to 5 cents higher at 8.36-8.63

Illinois grains-Grain futures ended slightly lower at the Chicago Board of Trade, though we had several days of sharply higher, then sharply lower, with one day of mostly steady.

There was very little fresh news to move prices this week.

Fund liquidation was a source of pressure. Harvest continues throughout the cornbelt, with scattered showers and rain slowing the pace in several areas.

Traders continue to hear stories of soybean yields being better than expected, but good demand still supports prices.

Soybeans again had very good weekly export sales figures of 523,400 tonnes, with corn at 166,700 tonnes and wheat at 410,000 tonnes.

The fall harvest and now fall tillage were keeping farmers busy, with some producers thinking about applying 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 87% complete, compared to 60% last year and 53% for the five year average.

The soybean crop was now 69% harvested in the state of Illinois, compared to 66% last year and 60% for the five year average. Wheat planting had reached 46% complete, compared to 30% last week and 48% for the five year average.

There was now 11% of the crop already emerged, compared to 16% last year and 14% for the five year average.

Topsoil moisture has improved greatly since July and August, with 4% surplus, 61% adequate, 23% short and 12% very short. Subsoil moisture has also improved, but many would like to see that improve before winter hits.

There was 1% surplus, with 26% adequate, 43% short and 30% very short.

Much of the rainfall we have received in the last several weeks has been soaking in, with runoff to ponds and lakes being minimal.

The trading in the cash grain market was slow to moderate.

Cash basis was mostly steady for the weak, though some weakness was noted at some river terminals late in the week in cash soybeans.

The Central Illinois Soybean Processors cash bids ended 3 to 8 cents lower at 15.50-15.60, with basis steady to 5 cents lower ranging from +5X to +15X.

The Central Illinois Corn Processors cash bids were down 12 cents ranging from 7.66-7.76, with basis steady ranging from +5Z to +15Z.

At the Illinois River terminals south of Peoria, cash corn bids ended 8 to 9 cents lower ranging from 7.52-7.56, with basis up 3 to 4 cents at -9Z to -5Z.

Cash soybean bids fell 8 to 11 cents at 15.36-15.40, with basis down 5 to 8 cents ranging from -9X to -5X.

New crop wheat bids for delivery in July 2013 ended 14 cents lower ranging from 8.13-8.17, with basis steady at -34N to -30N.

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At the Illinois River terminals north of Peoria, cash corn bids fell 10 to 12 cents to 7.49-7.53, with basis steady to up 2 cents at -14Z to -8Z.

Cash soybean bids were down 1 to 3 cents to 15.33-15.38, with basis steady to 2 cents higher ranging from -121/2 X to -7X. New crop wheat bids for July 2013 delivery dropped 6 to 14 cents to range from 8.20-8.22, with basis steady to up 8 cent at
--27N to -25N.

At the St. Louis terminals cash corn bids were mixed at 7.46-7.57, with soybeans down 4 to 6 cents ranging from 15.49-15.59.

Cash bids for Soft Red Winter wheat fell 18 cents to 8.47-8.48 and cash sorghum bids were 13 cents lower to range from 7.30-7.31.

In northern and western Illinois, cash corn bids to producers at country elevators were 11 to 14 cents lower at 7.36-7.52, with central Illinois locations down 6 to 16 cents at 7.46-7.70 and in southern Illinois bids lost mostly 12 cents to range from 7.29-7.73.

Cash soybean bids in northern and western locations were mixed at 15.13-15.35 with central Illinois bids were steady to 3 cents lower at 15.27-15.40 and southern Illinois bids were 2 to 14 cents lower at 15.21-15.35.

Cash wheat bids for Soft Red Winter wheat in
southern Illinois locations decreased 7 to 18 cents to 8.32-8.59.

New crop wheat bids for June-July delivery in southern Illinois lost 11 to 12 cents to range from 8.00-8.17.

___

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

 7.46 - 7.52 15.02 - 15.12  

WESTERN 

7.37 - 7.52 15.01 - 15.16  

N. CENT.

7.51 - 7.66 15.17 - 15.29  

S. CENTRAL

7.51 - 7.71 15.15 - 15.28  

WABASH 

7.65 - 7.74 15.14 - 15.26 8.40 - 8.63

W.S. WEST

7.34 - 7.45 15.09 - 15.26 8.36 - 8.58

L. EGYPT

7.62 - 7.72 15.09 - 15.24 8.43 - 8.63

Central Illinois average price

Corn: 7.61 (- 1/2 Z)
Soybeans:
15.22 (-12 X)

CONTRACT BIDS FOR JANUARY 2013 DELIVERY

AREA 

US 2

CORN

US 1

SOYBEANS

 ***US 2

SOFT

WHEAT 

NORTHERN

7.53 - 7.58 15.13 - 15.22  

WESTERN 

7.41 - 7.57 15.17 - 15.25  

N. CENT.

7.57 - 7.66 15.29 - 15.41  

S. CENTRAL

7.66 - 7.82 15.27 - 15.45  

WABASH 

7.75 - 7.87 15.30 - 15.35 8.13 - 8.18

W.S. WEST

7.47 - 7.56 15.41 - 15.57

 8.01 - 8.08

L. EGYPT

7.80 - 7.88

15.35 - 15.45

8.13 - 8.18

***June/July 2013 delivery
 

Cent. Ill. Average Price at Country Elevators

Week of

10/18/2012

10/11/2012

  Price--Basis Price--Basis

Corn

7.58 -3Z

7.69 -4Z

Soybeans

15.331/2 -12 X

15.35 -13« X

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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