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Illinois grain prices in country elevators

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[July 13, 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, with corn and soybeans sharply lower.

Technical trading at the Board of Trade and profit taking weakened corn and soybean futures.

Cash prices were also sharply lower due to lower futures values and weaker cash basis for both corn and soybeans.

In Northern and Western Illinois country grain dealers quoted shelled corn bids were 12 to 16 cents lower at 6.68-6.89.

Soybean bids were sharply lower at 15.00-15.34.

In Central Illinois country grain dealers quoted shelled corn bids were 21 to 25 cents lower at 6.75-6.91.

Soybean bids were sharply lower at 15.34-15.51.

In the Southern part of the state, shelled corn bids were mostly 11 to 15 cents lower at 6.74-6.93.

Soybean bids were sharply lower at 15.41-15.79.

Wheat bids were down 2 to 3 cents at 6.55-6.71.

Illinois grains ended higher this week at the Board of Trade. Traders concentrated on weather, exports and the USDA's reports this week.

The weather forecast did help to support higher prices, as drier weather moved into the western cornbelt helping to move new crop prices up.

Exports were in the news several times during the week. One of the largest sales of the week was on Monday, with 840,000 tonnes of US wheat being sold to China.

There were also sales of US corn to Mexico and soybeans to unknown destinations.

So China, known for their recent purchases of soybeans, also bought 960,000 tonnes of US corn.

These export sales announcements did help markets to move up.

The USDA's reports were neutral for corn and soybeans, but added support to wheat values.

Tighter wheat stock numbers from the US and World Supply Demand reports helped to keep wheat prices up for the week.

This week's Illinois Weather and Crops report, released by the Illinois Field office of the National Ag Statistics Service, indicated Illinois producers had almost finished soybean planting chores.

As of July 7 the Illinois farmers had reached 99% complete, compared to 97% last week and 99% for the five year average.

Planting of double crop soybeans after wheat harvest also continued.

Wheat harvest had reached 68% complete, compared to 45% last week and 79% for the five year average.

When wheat harvest resumed last week, many farmers had reported yields to be very good.

The quality of the grain was much better before the rain that delayed harvest.

Many reported test weights had dropped significantly.

The condition of the Illinois corn crop went down and soybeans went up.

There was 68% of the corn crop rated good to excellent, with 24% fair and 8% rated very poor to poor.

The state's soybean crop placed 73% in the good to excellent category, with 20% fair and 7% in the very poor to poor range.

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

Merchandisers tried to pull every bushel of old crop grain from producers that they could.

Helping to confuse that process was some terminals and processors on different spot basis months.

For soybeans, some were on July (N) and some were on August (Q).

For corn, some were on July (N) and some were on September (U).

That problem will end as the July futures go off the Board today, Friday.

Sometimes there were wide spreads in prices between processors and river terminals, so it does pay dividends to make several calls before making the sale of grain.

For the most part this week, basis did move lower, sharply lower in some cases.

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The Central Illinois Soybean Processors cash bids gained 6 to 11 cents ranging from 16.12-16.27, with basis down 20 to 25 cents ranging from +140Q to +155Q.

At the Central Illinois Corn Processors cash bids were 3 to 23 cents higher ranging from 7.11-7.41, with basis at +150U to +180U.

At the Illinois River terminals south of Peoria, cash corn bids were up 32 to 35 cents ranging from 7.14-7.23, with basis up 3 to 6 cents ranging from +153U to +162U.

Cash soybean bids were down 16 to 19 cents with bids ranging 15.89-15.94, with basis dropping 47 to 50 cents ranging from +117Q to +122Q.

Wheat bids were 21 to 23 cents higher ranging from 6.66-6.73, with basis up 3 to 5 cents at -17U to -10U.

At the Illinois River terminals north of Peoria, cash corn bids gained 19 to 25 cents at 7.05-7.22, with basis 14 to 20 cents lower at -12N to +5N.

Cash soybean bids lost 1 to 3 cents to range from 16.01-16.05, with basis 19 to 21cents lower ranging from option N to +4N.

Wheat bids were 28 to 31 cents higher ranging from 6.74-6.78, with basis gaining 10 to 13 cents at -9U to -5U.

At the St. Louis terminals cash corn bids closed 28 to 58 cents higher ranging from 6.90-7.22, with soybeans mixed ranging from 16.00-16.12.

Cash bids for Soft Red Winter wheat were 23 cents higher at 6.92-6.93 and cash sorghum bids were 27 cents higher at 6.79-6.80.

In northern and western Illinois, cash corn bids to producers at country elevators were up 34 to 38 cents at 6.84-7.01, with central Illinois locations 20 to 39 cents higher at 6.96-7.16 and in southern Illinois bids gained 34 to 41 cents ranging from 6.79-7.06.

Cash soybean bids in northern and western locations were up 4 to 12 cents at 15.70-15.84, with central Illinois bids 7 to 29 cents higher at 15.83-16.13 and southern Illinois bids were up 16 to 30 cents ranging from 15.93-16.42.

Cash wheat bids for Soft Red Winter wheat in southern Illinois gained 13 to 21 cents ranging from 6.58-6.73.

___

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

6.68 - 6.85 15.03 - 15.30  

WESTERN 

6.75 - 6.89 15.00 - 15.34  

N. CENT.

6.75 - 6.91 15.34 - 15.37  

S. CENTRAL

6.78 - 6.90 15.39 - 15.51  

WABASH 

6.86 - 6.93 15.57 - 15.64 6.55 - 6.62

W.S. WEST

6.74 - 6.90 15.41 - 15.45 6.59 - 6.68

L. EGYPT

6.81 - 6.93 15.59 - 15.79 6.64 - 6.71

Central Illinois average price

Corn:  6.83 (+137 1/2 U)
Soybeans:
15.42 1/2 (+113 1/2 Q)


CONTRACT BIDS FOR NEW CROP 2013 DELIVERY

AREA 

US 2

CORN

US 1

SOYBEANS

 ***US 2

SOFT

WHEAT 

NORTHERN

4.77 - 4.94 12.19 - 12.37  

WESTERN 

4.75 - 4.87 12.25 - 12.46  

N. CENT.

4.79 - 4.89 12.29 - 12.45  

S. CENTRAL

4.83 - 4.96 12.32 - 12.47  

WABASH 

4.83 - 4.91 12.32 - 12.45  

W.S. WEST

 4.87 - 4.99 12.44 - 12.52  

L. EGYPT

4.86 - 4.95 12.37 - 12.47  

***June/July 2013 delivery
 

Cent. Ill. Average Price at Country Elevators

Week of

7/11/2013

 7/3/2013

  Price--Basis Price--Basis

Corn

7.06 +145U

6.76 1/2 +144U

Soybeans

15.98 +126Q

15.80 +139Q

Annual Comparison

 

June 2013

July 2012

  Price--Basis Price--Basis

Corn

 6.94 +32N

7.85 +251/2 U

Soybeans

15.49 +24 1/2 N

16.60 -23Q

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

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