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Illinois grain prices in country elevators

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[August 10, 2013]  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.

Beneficial weather conditions and thoughts of a large corn and soybean crop weighed on grain prices.

Traders also evened positions ahead of the USDA crop report, which is to be released Monday morning at 11:00 am.

In Northern and Western Illinois country grain dealers quoted shelled corn bids were 5 to 7 cents lower at 5.70-5.86.

Soybean bids were mixed at 12.73-13.11.
 
In Central Illinois country grain dealers quoted shelled corn bids were  2 to 7 cents lower at 5.69-5.93.

Soybean bids were 2 to 5 cents lower at 13.14-13.39.

In the Southern part of the state, shelled corn bids were mostly 5 to 8 cents lower at 5.31-5.76.

 Soybean bids were 2 to 6 cents lower at 12.86-13.17.

Wheat bids were mostly 7 to 12 cents lower at 6.04-6.56.

Illinois grains ended lower this week at the Board of Trade. 

The continuation of the good growing conditions and thoughts of a large crop kept pressure on grain prices. 

Traders were also preparing for the release of the USDA's crop report on Monday the 12th of August. 

Soybean futures did get a boost from higher than expected weekly export sales of soybeans and soybean meal on Thursday.

Wheat futures were weakened by light export demand and poor export interest

This week's Illinois Weather and Crops report, released by the Illinois Field office of the National Ag Statistics Service, showed an increase in the crop condition ratings this week. 

The Illinois crops responded to last week's beneficial rainfall. 

As of August 4th, the Illinois corn crop placed
72% in the good to excellent category, up 8% from one week ago. 

The Illinois soybean crop was 3% higher from last week at 74% good to excellent category. 

Topsoil moisture increased 4% with 73% adequate, 2% surplus and 23% short. 

The western region was not the driest region this week; the southwest region was now the driest with 45% short. 

This week there was now 95% of the state's corn crop in the silk stage, compared to 100% last year and 95% for the five year average. 

There was 30% in the dough stage, compared to 78% last year and the five year average of 49%.

We also officially had 1% in the dent stage, compared to 35% last year and 13% for
the five year average.

There was 81% of the state's soybean crop blooming, compared to 97% last year and 84% for the five year average. 

There was 39% of the state's soybean crop setting pods, compared to 79% last year and 50% for the five year average.

The trading in the cash grain market was slow this week.

Falling grain prices had many farmers closing the bin doors and hoping for prices to recover. 

For the most part, the cash basis improved this week at the processors, with the river terminals basis ending mixed. 

With 1% of the Illinois corn crop in the dent stage, grain merchandisers are starting to plan for the arrival of new crop corn.

The Central Illinois Soybean Processors cash bids were mixed ranging from 13.49-13.64, with basis up 5 to 10 cents ranging from +165X to +180X.

At the Central Illinois Corn Processors cash bids were mixed ranging from 6.03-6.18, with basis 10 to 15 cents higher at +130U to +145U.

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At the Illinois River terminals south of Peoria, cash corn bids were down 9 to 17 cents ranging from 5.43-5.68, with basis mixed ranging from +70U to +95U.

Cash soybean bids were down 6 to 18
cents with bids ranging from 13.24-13.27, with basis mixed ranging from +140X to +143X. Wheat bids were 28 to 34 cents lower ranging from 6.19-6.36, with basis 11 to 17 cents lower at -22U to -5U. 

At the Illinois River terminals north of Peoria, cash corn bids fell 4 to 7 cents to 5.93-6.00, with basis up 7 to 10 cents at +120U to +127U.

Cash soybean bids lost 3 to 14 cents to range from 13.58-13.60, with basis ranging from +174X to +176X.

Wheat bids were 27 to 30 cents lower ranging from 6.30-6.35, with basis down 10 to 13 cents at -11U to -6U. 

At the St. Louis terminals cash corn bids closed 32 to 49 cents lower ranging from 5.08-5.53, with soybeans up 2 to 94 cents ranging from 12.96-13.16.

Cash bids for Soft Red Winter wheat were 32
cents lower at 6.51-6.52 and cash sorghum bids were 8 cents lower at 6.37-6.38. 

In northern and western Illinois, cash corn bids to producers at country elevators were up 13 to 17 cents at 5.77-5.91, with central Illinois locations 10 to 13 cents lower at 5.76-5.95 and in southern Illinois bids dropped 24 to 33 cents ranging from 5.44-5.84.

Cash soybean bids in northern and western locations were down 32 to 37 cents at 12.81-13.09, with central Illinois bids mixed at 13.16-13.44 and southern Illinois bids were down 40 to 49 cents ranging from 12.92-13.19.

Cash wheat bids for Soft Red Winter wheat in southern Illinois fell 16 to 22 cents ranging from 6.16-6.53.

___

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

5.71 - 5.80 12.73 - 13.11  

WESTERN 

5.70 - 5.86 12.88 - 13.02  

N. CENT.

5.69 - 5.93 13.22 - 13.39  

S. CENTRAL

5.74 - 5.86 13.14 - 13.29  

WABASH 

5.55 - 5.76 13.05 - 13.17 6.10 - 6.24

W.S. WEST

5.63 - 5.72 12.86 - 12.97 6.30 - 6.56 

L. EGYPT

5.31 - 5.56 13.02 - 13.12  6.04 - 6.24

Central Illinois average price

Corn:  5.81  (+115 U)  
Soybeans:
13.26 1/2  (+144 X)


CONTRACT BIDS FOR NEW CROP 2013 DELIVERY

AREA 

US 2

CORN

US 1

SOYBEANS

 ***US 2

SOFT

WHEAT 

NORTHERN

4.23 - 4.38 11.44 - 11.64  

WESTERN 

4.21 - 4.31 11.50 - 11.57  

N. CENT.

4.22 - 4.41 11.46 - 11.67  

S. CENTRAL

4.27 - 4.38 11.58 - 11.72  

WABASH 

4.25 - 4.38 11.60 - 11.72  

W.S. WEST

4.21 - 4.33 11.74 - 11.90  

L. EGYPT

4.28 - 4.32 11.62 - 11.72  

***June/July 2013 delivery
 

Cent. Ill. Average Price at Country Elevators

Week of

8/8/2013

 8/1/2013

  Price--Basis Price--Basis

Corn

5.85 1/2 +112U 

5.97 +116U

Soybeans

13.30 +146X

13.32 1/2 +140X

Annual Comparison

 

July 2013 

August 2012

  Price--Basis Price--Basis

Corn

6.60 1/2 +132U

8.15 +11 1/2U

Soybeans

15.19 +85 1/2Q

17.09 +44 1/2X

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

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