[August 17, 2013]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
lower on Friday afternoon.
Technical trading at the Board of
Trade helped to push grain prices lower.
Export sales continue to support
soybean prices. Friday morning it was announced the US had sold
410,000 tonnes of US soybeans to China and an unknown
destination.
In Northern and Western Illinois country grain dealers quoted
shelled corn bids were 4 to 7 cents lower at 5.79-6.04.
Soybean bids were mostly 7 to 17
cents lower at 13.56-13.82.
In Central Illinois country grain dealers quoted shelled corn
bids were 9 cents lower at 5.81-6.08.
Soybean bids were 10 to 14 cents
lower at 13.86-14.09.
In the Southern part of the state, shelled corn bids were 8
cents lower at 5.44-5.90.
Soybean bids were 5 to 7 cents
lower at 13.40-13.89. Wheat bids were 6 cents lower at
5.96-6.17.
Illinois grains ended mixed this week at the Board of Trade,
with soybeans and corn higher and wheat slightly lower.
Traders had waited for the release
of the USDA's August Crop Production report.
Both production estimates for corn
and soybeans were lower than expected and it gave more of a
boost to soybean prices than corn.
In the report the USDA forecasted
the US corn production at 13.76 billion bushels, with an average
yield of 154.4 bushels per acre.
The US soybean production was
estimated at 3.244 billion bushels, with an average yield of
42.6 bushels per acre.
Export sales also helped to lift
soybean futures, with sales of 1.893 million tonnes, with China
being a major buyer again this week.
The production estimates for the Illinois corn and soybean crops
looked like this.
The USDA estimated the 2013
Illinois corn crop to produce 1.963 billion bushels, with an
average yield of 165 bushels per acre.
This compares to the 2012 crop
which produced only 1.286 billion bushels, with an average yield
of 105 bushels per acre.
The corn production estimate for
2013 would put Illinois in second place in US corn production.
The soybean production estimate
for Illinois was 439.4 million bushels, with an average yield of
47 bushels per acre.
This compares to last year's
production of 383.5 million bushels and an average yield of 43
bushels per acre.
If this production is achieved, it
would place Illinois in the top spot in US soybean production.
This week's Illinois Weather and Crops report, released by the
Illinois Field office of the National Ag Statistics Service,
showed a decrease in the crop condition ratings this week.
As of August 11th, the Illinois
corn crop placed 68% in the good to excellent category, down 4%
from one week ago.
The Illinois soybean crop was 4%
lower from last week at 70% good to excellent category.
Topsoil moisture declined 14% with
59% adequate, 2% surplus and 39% very short to short.
The western region returned to the
driest region this week, with 68% of that region short of
moisture.
This week there was 50% in the
dough stage, compared to 89% last year and the five year average
of 64%.
There was 6% in the dent stage,
compared to 59% last year and 26% for the five year average.
There was 90% of the state's
soybean crop blooming, compared to 98% last year and 91% for the
five year average.
There was 63% of the state's
soybean crop setting pods, compared to 87% last year and 67% for
the five year average.
Pasture conditions for grazing
were rated at 10% very poor to poor, with 31% fair and 59% rated
good to excellent.
The trading in the cash grain market was slow to moderate this
week.
With the new crop grain harvest
getting closer, some farmers continued to empty bins to get
ready for grain harvest.
As a rule this week, the cash corn
basis improved, while the soybean and wheat basis weakened.
The Central Illinois Soybean
Processors cash bids were up 76 to 81 cents to 14.25-14.45, with
basis steady to 5 cents lower ranging from +160X to +180X.
At the Central Illinois Corn
Processors cash bids were 18 cents higher ranging from
6.21-6.36, with basis 10 cents higher at +140U to +155U.
At the Illinois River terminals
south of Peoria, cash corn bids were up 8 to 18 cents ranging
from 5.61-5.76, with basis steady to 10 cents stronger ranging
from +80U to +95U.
Cash soybean bids gained 21 to 34
cents with bids ranging from 13.45-13.61, with basis falling 47
to 60 cents ranging from +80X to +96X.
Wheat bids were 12 to 13 cents
lower ranging from 6.07-6.23, with basis 8 to 9 cents lower at
-30U to -14U.
At the Illinois River terminals
north of Peoria, cash corn bids gained 17 to 18 cents to
6.11-6.17, with basis up 9 to 10 cents at +130U to +136U.
Cash soybean bids were up 37 to 44
cents to range from 13.95-14.04, with basis down 37 to 44 cents
ranging from +130X to +139X.
Wheat bids were 24 to 28 cents
lower ranging from 6.02-6.11, with basis down 20 to 24 cents at
-35U to -26U.
At the St. Louis terminals cash
corn bids closed 24 to 33 cents higher ranging from 5.41-5.77,
with soybeans up 35 to 49 cents ranging from 13.45-13.51.
Cash bids for Soft Red Winter
wheat were 25 cents lower at 6.26-6.27 and cash sorghum bids
were 7 cents lower at 6.30-6.31.
In northern and western Illinois, cash corn bids to producers at
country elevators were up 9 to 17 cents at 5.86-6.08, with
central Illinois locations 14 to 22 cents higher at 5.90-6.17
and in southern Illinois bids gained 8 to 14 cents ranging from
5.52-5.98.
Cash soybean bids in northern and
western locations were up 66 to 74 cents at 13.55-13.75, with
central Illinois bids gaining 75 to 84 cents at 14.00-14.19 and
southern Illinois bids were 53 to 77 cents higher ranging from
13.45-13.96.
Cash wheat bids for Soft Red
Winter wheat in southern Illinois fell 14 to 30 cents ranging
from 6.02-6.23.
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Commercial grain prices paid farmers
by Interior Illinois Country Elevators after 2.00 p.m. Friday are listed below in dollars per bushel:
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