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Illinois grain prices in country elevators

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[September 15, 2012]  SPRINGFIELD -- This is Friday's report of the grain prices and trends, prepared by the USDA and the Illinois Department of Agriculture.

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Illinois country grain prices were mixed on Friday afternoon, with corn and wheat higher and soybeans lower.

Wheat futures were again supported by the lower value of the US dollar and better export opportunities.

In Northern and Western Illinois country grain dealers quoted shelled corn bids 4 to 8 cents higher at 7.49-7.90.

Soybean bids were 8 to 14 cents lower at  16.91-17.19.

In Central Illinois country grain dealers quoted shelled corn bids were 8 to 9 cents higher at 7.83-7.96.

Soybean bids were mostly 8 to 13 cents lower at 17.29-17.49.

In the Southern part of the state, shelled corn bids were 8 to 9 cents higher at 7.69-8.03.

Soybean bids were mostly 8 to 10 cents lower at 17.16-17.40.

Wheat bids were 20 to 22 cents higher at 8.87-9.04.

Illinois grains-Grain futures ended mixed this week at the Chicago Board of Trade.

Before the release of the USDA's crop report on Wednesday morning, trading activity was at a slower pace and many traders took profits and decided to sit on the sidelines until after the report.

Soybean futures rallied after the report as the carryout estimate remained at 115 million bushels for the 2012-2013 crop year, even though the crop estimate was 24 million bushels lower than the August report.

On Thursday, the sharp drop in the value of the US dollar rallied wheat values.

There were a few surprises in the release of the September crop report. While the estimate for US corn production was lower than the August report, it was still above the average trade guess.

The USDA estimated the 2012 US corn production at 10.727 billion bushels, with an average yield of 122.8 bushels per acre.

That was lower than the August forecast of 10.779 billion bushels and an average yield of 123.4 bpa.

The US soybean production was forecasted at 2.634 billion bushels, with an average yield of 35.3 bpa.

This forecast was slightly lower than the August report and the average trade estimate, which helped to support the rally on Wednesday.

Corn production for 2012 in Illinois was expected to average 110 bushels per acre, which was 6 bushel lower than the August forecast.

With that average yield, corn production would total 1.386 billion bushels, compared to 1.946 one year ago.

Soybean production for Illinois farmers was
expected to average 37 bpa, which was the same as the August forecast.

With this yield Illinois soybean production would total 308.95 million bushels, compared to 416.4 million last year.

The forecast from the USDA's Supply and Demand report for the 2012-2013 corn carryout was increased to 733 million bushels, up from 650 million in the August report.

The average price for corn in the same time period was lowered to 7.90 per bushel, down from 8.20 from last month's report.

The US soybean carryout was estimated at 115 million bushels, which was unchanged
from the August report and the average price was also steady at 16.00 per bushel.

The corn harvest was moving at a good pace in Illinois, according to the USDA's Illinois Weather and Crops report, from the Illinois Field Office in Springfield, the Illinois corn harvest had reached 21% complete, compared to 4% last year and 6% for the five year average.

The southern regions again led in the race with 36-47% done, compared to 2-17% for the northern areas of the state.

The soybean harvest has officially started as there was 1% harvested in the state of Illinois.

Many grain elevator managers expect soybean harvest to get rolling in the next week to 10 days.

There was 21% of the soybean crop dropping leaves, compared to 10% last year and 16% for the five year average.

There was 60% of the crop turning yellow, compared to 40 % last year and 42% for the five year average.

The state's pasture land ratings improved again this week and helped to put livestock producers in a slightly better mood; there was 15% in the good to excellent range, with 26% fair and 59% in the very poor to poor range.

The trading in the cash grain market was too slow for many corn and soybean processors this week, as basis did improve at many locations.

The basis along the river terminals was affected by sharply higher barge freight rates.

With harvest activity near its peak for Kentucky, Missouri, Tennessee and Arkansas, freight costs go up for us because barges would like to stay further south and not travel up north where business is slower.

The Central Illinois Soybean Processors
cash bids ended 5 to 10 cents higher at 17.62-17.87, with basis up 5 to 10 cents ranging from +15X to +40X.

The Central Illinois Corn Processors cash bids were down 22 to 24 cents ranging from 7.84-8.02, with basis steady to 2 cents higher ranging from +10Z to +28Z.

[to top of second column]

At the Illinois River terminals south of Peoria, cash corn bids ended 28 to 31 cents lower ranging from 7.45-7.47, with basis down 4 to 7 cents at -29Z to -27Z.

Cash soybean bids gained 10 to 17 cents to 17.35-17.37, with basis up 10 to 17 cents ranging from -12X to -10X.

Corn bids for January 2013 delivery fell 21 cents to range from 7.78-7.86, with basis up 2 cents to option H to +8H.

Soybeans for January 2013 delivery ended steady ranging from 17.57-17.64, with basis down 2 cents at +9F to +16F. 

New crop wheat bids for delivery in July 2013 ended 13 to 14 cents stronger ranging from 8.38-8.43, with basis steady to 1 cent lower at -40N to -35N.

At the Illinois River terminals north of Peoria, cash corn bids dropped 27 to 29 cents to 7.54-7.63, with basis down 3 to 5 cents at -20Z to -11Z.

Cash soybean bids were mixed at 17.26-17.34, with basis mixed ranging from -21X to -13X.

Corn bids for January 2013 delivery fell 22 to 26 cents ranging from 7.72-7.75, with basis mixed ranging from -6H to -21/2 H.

Soybean bids for January 2013 delivery were mixed ranging from 17.58-17.60, with basis steady to 4 cents lower at +10F to +12F. New crop wheat bids for July 2013 delivery gained 14 cents to range from 8.37-8.38, with basis steady at -41N to -40N. At the St. Louis terminals cash corn bids were 25 to 27 cents lower at 7.49-7.52, with soybeans up 5 to 15 cents ranging from 17.32-17.53.

Cash bids for Soft Red Winter wheat increased 10 cents to 8.80-8.81, and cash sorghum bids were 5 cents higher to range from 7.23-7.24.

In northern and western Illinois, cash corn bids to producers at country elevators were 25 to 35 cents lower at 7.45-7.82, with central Illinois locations down 16 to 29 cents at 7.74-7.88 and in southern Illinois bids dropped 32 to 35 cents to range from 7.61-7.94.

Cash soybean bids in northern and western locations were down 6 to 11 cents at 17.05-17.27 with central Illinois bids gained 5 to 9 cents at 17.47-17.62 and southern Illinois bids were 8 to 10 cents higher at 17.27-
17.37.

Cash wheat bids for Soft Red Winter wheat in southern Illinois locations gained 8 to 10
cents to 8.65-8.84.

Corn bids for January 2013 delivery at the country elevators in northern and western Illinois fell 19 to 24 cents to range from 7.51-7.79, with central Illinois locations down 17 to 24 cents at 7.79-7.97 and in southern Illinois bids were mostly 23 cents lower and ranged from 7.77-8.08.

January 2013 delivery soybean bids in northern and western Illinois were mixed at 17.24-17.35, while central Illinois locations were also mixed ranging from 17.40-17.55 and in southern Illinois bids were mixed ranging from 17.33-17.65.

New crop wheat bids for June-July 2013 delivery in southern Illinois ended 13 to 21 cents higher at 8.27-8.48.

___

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

7.75 - 7.90 17.09 - 17.19  

WESTERN 

7.49 - 7.68 16.91 - 17.19  

N. CENT.

7.83 - 7.91 17.29 - 17.47  

S. CENTRAL

7.84 - 7.96 17.33 - 17.49  

WABASH 

 7.91 - 8.02 17.16 - 17.27 8.90 - 8.99

W.S. WEST

7.69 - 7.95 17.17 - 17.40 8.87 - 8.99

L. EGYPT

7.92 - 8.03 17.18 - 17.29 8.90 - 9.04

Central Illinois average price

Corn: 7.89 1/2 (+ 7 1/2 Z)
Soybeans:
17.39 (+ opt X)

CONTRACT BIDS FOR NEW CROP 2012 DELIVERY

AREA 

US 2

CORN

US 1

SOYBEANS

 ***US 2

SOFT

WHEAT 

NORTHERN

7.67 - 7.87 17.16 - 17.27  

WESTERN 

7.62 - 7.73 17.22 - 17.29  

N. CENT.

7.87 - 7.98  17.32 - 17.40  

S. CENTRAL

7.89 - 8.06 17.32 - 17.47  

WABASH 

8.02 - 8.13 17.25 - 17.37  8.58 - 8.61

W.S. WEST

 7.84 - 8.07 17.44 - 17.53

 8.35 - 8.43

L. EGYPT

8.09 - 8.11

 17.40 - 17.54

 8.53 - 8.63

***June/July 2013 delivery
 

Cent. Ill. Average Price at Country Elevators

Week of

 9/13/2012  9/6/2012
  Price--Basis Price--Basis

Corn

7.81 +7Z

8.03 1/2 +5Z

Soybeans

17.54 1/2 +7X

17.47 1/2 + 1/2 X

Annual Comparison

 

August 2012 

August 2011
  Price--Basis Price--Basis

Corn

8.15 +12 U

7.30 +16 U

Soybeans

17.09 +44 X

13.59 -11 X

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

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