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Illinois grain prices in country elevators

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[February 02, 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 mixed on Friday afternoon, with corn and wheat lower and soybeans higher.

Fund and technical selling at the Board of Trade helped to push wheat futures lower.

In Northern and Western Illinois country grain dealers quoted shelled corn bids were 3 to 6 cents lower at 7.25-7.41.

Soybean bids were mixed at 14.48-14.67.

In Central Illinois country grain dealers quoted shelled corn bids were 5 cents lower at 7.35-7.51.

Soybean bids were 3 to 7 cents higher at
14.81-14.93.

In the Southern part of the state, shelled corn bids were 4 to 5 cents lower at 7.25-7.61.

Soybean bids were mixed at 14.76-15.02. Wheat bids were 10 to 12 cents lower at 7.60-7.80.

Illinois grains ended higher for the week.

Soybean futures were influenced by the changing weather forecast for the South American soybean crop and continued strong export demand. 

Wheat futures gained strength from the dry soil conditions in the western plain states and  export interest.

Corn futures were supported by the higher wheat values and a slight increase in export interest.

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

With cash basis levels strong for both corn and soybeans, movement had been barely good enough to keep the market satisfied. The river system to the gulf export markets was doing its best to keep barges moving down the Mississippi River.

The export demand was also very good and was helping to keep basis firm.

Soybean processors were competing with the river for cash soybeans and this competition kept basis strong.

This week there was a change. A frontal system helped to deliver enough rain for runoff to the river system and the need to get barges down the river was not so urgent.

The demand for soybeans from the export market also fell leading to sharply lower cash soybean basis levels at many river terminals.

The Central Illinois Soybean Processors cash bids were 28 to 33 cents higher ranging from 14.93-15.08, with basis steady to 5 cents lower at +25H to +40H.

The Central Illinois Corn Processors cash bids were up 19 to 26 cents ranging from 7.55-7.67, with basis 3 to 10 cents stronger ranging from +15H to +27H.

At the Illinois River terminals south of Peoria, cash corn bids ended 16 to 19 cents
higher ranging from 7.40-7.45, with basis steady to 3 cents higher at option H to +5H.

Cash soybean bids gained 8 to 11 cents to 14.84-14.90, with basis down 22 to 25 cents ranging from +16H to +22H.

New crop wheat bids for delivery in July 2013 ended 11 to 12 cents higher ranging from 7.68-7.83, with basis steady to 1 cent higher at -25N to -10N.

At the Illinois River terminals north of Peoria, cash corn bids were up 17 to 21 cents stronger to 7.42-7.46, with basis 1 to 5 cents higher at +2H to +6H.

Cash soybean bids were up 18 to 24 cents at 14.90-15.00, with basis 8 to 14 cents lower ranging from +22H to +32H.

New crop wheat bids for July 2013 delivery gained 7 to 10 cents to range from 7.67-7.72, with basis down 1 to 4 cents at
-26N to -21N.

[to top of second column]

At the St. Louis terminals cash corn bids were 21 to 24 cents higher at 7.48-
7.50, with soybeans gaining 10 to 11 cents ranging from 15.00-15.02.

Cash bids for Soft Red Winter wheat gained 20 cents to 8.04-8.05 and cash sorghum bids were up 27 cents to range from 7.35-7.36.

In northern and western Illinois, cash corn bids to producers at country elevators gained 16 cents at 7.28-7.47, with central Illinois locations up 19 to 21 cents at 7.40-7.56 and in southern Illinois bids were 17 cents higher ranging from 7.29-7.66.

Cash soybean bids in northern and western locations were up 14 to 26 cents at 14.50-14.61 with central Illinois bids 34 to 39 cents higher at 14.74-14.90 and southern Illinois bids were up 24 to 26 cents at 14.79-14.99.

Cash wheat bids for Soft Red Winter wheat in southern Illinois locations gained 10 to 11 cents to 7.72-7.90.

New crop wheat bids for June-July delivery in southern Illinois were 3 to 11 cents stronger to range from 7.43-7.75.

_____

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

7.25 - 7.41 14.48 - 14.67  

WESTERN 

7.25 - 7.33 14.49 - 14.65  

N. CENT.

 7.35 - 7.44  14.81 - 14.89  

S. CENTRAL

7.37 - 7.51 14.82 - 14.93  

WABASH 

7.42 - 7.53 14.92 - 14.96 7.60 - 7.73

W.S. WEST

7.25 - 7.48 14.76 - 14.89 7.60 - 7.70

L. EGYPT

7.51 - 7.61 14.94 - 15.02 7.61 - 7.80

Central Illinois average price

Corn:  7.43 (+ 7 H)
Soybeans:
14.87 (+13 H)

CONTRACT BIDS FOR NEW CROP 2013 DELIVERY

AREA 

US 2

CORN

US 1

SOYBEANS

 ***US 2

SOFT

WHEAT 

NORTHERN

5.50 - 5.64 12.90 - 12.99  

WESTERN 

5.52 - 5.62 12.88 - 12.98  

N. CENT.

5.57 - 5.67  12.91 - 13.12  

S. CENTRAL

5.55 - 5.68 12.98 - 13.10  

WABASH 

5.62 - 5.72 13.00 - 13.08  7.46 - 7.60

W.S. WEST

5.50 - 5.62 13.03 - 13.18 7.28 - 7.42

L. EGYPT

5.67 - 5.77 12.98 - 13.08 7.46 - 7.55

***June/July 2013 delivery
 

Cent. Ill. Average Price at Country Elevators

Week of

1/31/2013

1/24/2013

  Price--Basis Price--Basis

Corn

7.48 + 7 1/2 H

7.28 + 4H

Soybeans

14.82 +13 1/2 H

14.45 1/2 +10H

Annual Comparison

 

January 2013

February 2012

  Price--Basis Price--Basis

Corn

7.17 + 2H

6.41 + 1/2H

Soybeans

14.30 +11H  

12.40 -15 H

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

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