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Illinois grain prices in country elevators

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[July 27, 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 mixed on Friday afternoon, with wheat slightly higher and corn and soybeans slightly lower.

Corn and soybean futures were weakened by the beneficial weather in the forecast for the cornbelt.

Soybean futures did get a boost from the announcement of the sale of 220,000 tonnes of US soybeans to China.

In Northern and Western Illinois country grain dealers quoted shelled corn bids were mixed at 5.45-5.62.

Soybean bids were mixed at 12 to 17 cents lower at 13.18-13.37.

In Central Illinois country grain dealers quoted shelled corn bids were mixed at 4 to 8 cents lower at 5.75-6.15.

Soybean bids were 6 to 9 cents lower at 13.51-13.74.


In the Southern part of the state, shelled corn bids were 12 to 14 cents lower at 5.83-6.22.

Soybean bids were 5 to 12 cents higher at 13.51-13.90. Wheat bids were 1 to 6 cents lower at 6.30-6.54.

Illinois grains ended lower this week at the Board of Trade, with soybeans and corn sharply lower.

Soybean futures were definitely the weakest
grain this week and it eventually pulled corn lower at the end of the week.

Sharply lower values for soybean meal, technical trading at the Board of Trade and speculator selling pulled soybean prices lower.

The weather forecast was also slightly bearish this week, with cooler temperatures being beneficial for crops.

This week's Illinois Weather and Crops report, released by the Illinois Field office of the National Ag Statistics Service, showed a decline in crop
conditions.

As of July 21st, the Illinois corn crop placed 65% in the good to excellent category, down 4% from one week ago.

The Illinois soybean crop was 1% lower from last week at 72% good to excellent category.

Topsoil moisture was 64% adequate, 9% surplus and 25% short, with the western section still needing moisture placing 67% in the short category.

This week there was 64% of the state's corn crop the silk stage, compared to 97% last year and 71% for the five year average.

There was 50% of the state's soybean crop blooming, compared to 82% last year and 56% for the five year average.

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

While grain movement wasn't overwhelming, it was enough to more than satisfy processors and river terminal needs.

Those farmers that were cleaning out bins before harvest and others that just decided to sell early this week beat the steep drop in futures prices and cash basis.

First, the CIF basis at the gulf points weakened Monday afternoon and soon spread up to the river terminals and eventually made it to the processors.

Double digit losses in basis for both corn and soybean were seen.

Triple digit losses were experienced in both corn and soybean prices for the week.

The Central Illinois Soybean Processors cash bids dropped 1.84 to 1.89 ranging from  13.85-14.05, with basis down 70 to 75 cents ranging from +30Q to +50Q.

At the Central Illinois Corn Processors cash bids were 90 cents lower ranging from 5.96-6.26, with basis 45 cents lower at +100U to +130U.

At the Illinois River terminals south of Peoria, cash corn bids were down 1.03-1.04 ranging from 5.76-5.91, with basis down 58 to 59 cents ranging from +80U to +95U.

Cash soybean bids were down 1.99-2.05 with bids ranging 13.64-13.70, with basis dropping 85 to 91 cents ranging from +9Q to +15Q.

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Wheat bids were 11 to 17 cents lower ranging from 6.37-6.44, with basis steady to 6 cents lower at -12U to -5U.

At the Illinois River terminals north of Peoria, cash corn bids lost 1.12-1.14 at 5.69-5.86, with basis down 67 to 68 cents at +73Q to +90Q.

Cash soybean bids lost 2.14-2.18 to range from 13.53-13.59, with basis dropping 1.00 to 1.04 ranging from -2Q to +4Q.

Wheat bids were 10 to 13 cents lower ranging from 6.43-6.49, with basis mixed at -6U to option U.

At the St. Louis terminals cash corn bids closed .95 to 1.01 lower ranging from 5.94-6.01, with soybeans down 1.91 to 1.99 ranging from 13.71-13.85.

Cash bids for Soft Red Winter wheat were 7 cents lower at 6.67-6.68 and cash sorghum bids were 48 cents lower at 6.54-6.55.

In northern and western Illinois, cash corn bids to producers at country elevators were down .50 to 1.18 at 5.56-6.36, with central Illinois locations 50 to 79 cents lower at 5.88-6.36 and in southern Illinois bids lost 55 to 80 cents ranging from 5.95-6.36.

Cash soybean bids in northern and western locations were down 1.78 to 1.98 at 13.30-13.68, with central Illinois bids 1.87 to 2.01 lower at 13.57-13.83 and southern Illinois bids were down 2.14 to 2.18 ranging from 13.39-13.85.

Cash wheat bids for Soft Red Winter wheat in southern Illinois lost 6 to 12 cents ranging from 6.29-6.48.

___

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

5.45 - 5.62 13.18 - 13.32  

WESTERN 

5.47 - 5.61 13.19 - 13.37  

N. CENT.

5.75 - 5.94 13.51 - 13.72  

S. CENTRAL

5.93 - 6.15  13.52 - 13.74  

WABASH 

5.92 - 6.17 13.60 - 13.80 6.30 - 6.35

W.S. WEST

5.83 - 5.97 13.51 - 13.62 6.47 - 6.54

L. EGYPT

5.96 - 6.22 13.70 - 13.90 6.30 - 6.38

Central Illinois average price

Corn:  5.95 (+103 U)
Soybeans:
13.62 1/2 (+ 13 Q)

CONTRACT BIDS FOR NEW CROP 2013 DELIVERY

AREA 

US 2

CORN

US 1

SOYBEANS

 ***US 2

SOFT

WHEAT 

NORTHERN

4.46 - 4.61 11.93 - 12.04  

WESTERN 

4.42 - 4.54 11.91 - 12.22  

N. CENT.

4.46 - 4.56 11.92 - 12.16  

S. CENTRAL

4.50 - 4.60 12.08 - 12.16  

WABASH 

4.50 - 4.58 12.04 - 12.16  

W.S. WEST

4.54 - 4.63 12.19 - 12.23  

L. EGYPT

4.53 - 4.61 12.05 - 12.19  

***June/July 2013 delivery
 

Cent. Ill. Average Price at Country Elevators

Week of

 7/25/2013

 7/18/2013

  Price--Basis Price--Basis

Corn

 6.12 +1.16U  

6.761/2 +1351/2 U

Soybeans

13.70 +15Q 

15.64 +95Q

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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