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Illinois grain prices in country elevators

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[June 15, 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 corn and soybeans mostly higher and wheat lower.

Nearby corn and soybean futures ended higher on technical buying at the Board of Trade, with strong cash basis levels helping to support both corn and soybean futures.

In Northern and Western Illinois country grain dealers quoted shelled corn bids were 13 to 16 cents higher at 6.87-6.99. Soybean bids were 6 to 11 cents higher at 15.06-15.21.

In Central Illinois country grain dealers quoted shelled corn bids were 11 to 12 cents higher at 6.77-6.95. Soybean bids were 4 to 10 cents higher at 15.30-15.49.

In the Southern part of the state, shelled corn bids were 12 to 13 cents higher at 6.81-7.05. Soybean bids were 7 cents higher at 15.30-15.65. Wheat bids were 2 to 5 cents lower at 6.61-6.84.

Illinois grains ended lower this week at the Board of Trade. Weather didn't seem to be as
much of a focus as the USDA's report this week. There was progress with corn and soybean planting last week.

The US corn crop was now 95% planted, compared to 91% last week and the five year average of 98%. The US soybean crop was now 71% planted, compared to 57% last week and the five year average of 84% complete.

Traders were looking for smaller numbers this month from the USDA. There was a lower production figure for corn, but a number still within the ranges of the average estimates. For the old crop corn, the carryout forecast was 769 million bushels, compared to 759 million last month.

The new crop corn carryout forecast was lower than last month estimated at 1.949 billion bushels, compared to 2.004 billion last month.

The old crop carryout for soybeans the same as last month holding at 125 million bushels, with the new crop forecast also holding the same as last month at 265
million bushels.

This week's Illinois Weather and Crops report, released by the Illinois Field office of the
National Ag Statistics Service, indicated that getting those final acres in will be a battle with nature.

As of June 9th, Illinois farmers had planted 96% of their corn crop, compared to 91%
last week and 98% for the five year average. Illinois producers had planted 62% of their
soybean crop, compared to 49% last week and 80% for the five year average.

The east region of the state was now 100% complete with corn planting, with the other regions ranging from 92-98% complete.

The west southwest was noticeably behind in soybean planting with 31 % complete. The balance of the state ranged from 44-88% planted, with the 88% done in the east
region.

The Illinois wheat crop was getting closer to maturity with 98% of the crop now headed.
There was 39% of the crop now turning yellow, compared to 58% for the five year average.

Harvesting the first cutting of hay was still running behind schedule, with the threat of showers making producers think twice about mowing hay. This week 49% of the first cutting of alfalfa had been harvested, compared to 98% one year ago and 68% for the five year average.

The trading in the cash grain market was slow this week. Cash basis levels for both corn and soybeans for the most part ended higher this week.

The cash corn basis was extremely competitive between the corn processors and the river terminals.

The Central Illinois Soybean Processors cash bids ended 8 to 28 cents lower ranging from 15.42-15.70, with basis mixed ranging from +32N to +60N.

At the Central Illinois Corn Processors cash bids were down 15 to 20 cents ranging from 6.83-6.98, with basis steady to 5 cents higher at +40N to +55N.

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At the Illinois River terminals south of Peoria, cash corn bids were 15 to 20 cents lower ranging from 6.88-7.03, with basis steady to 5 cents higher ranging from +45N to +60N. Cash soybean bids were down 6 to 7 cents with bids ranging 15.41-15.42, with basis 10 to 11 cents higher ranging from +31N to +32N. Wheat bids were 14 to 16 cents lower ranging from 6.81-6.86, with basis down 2 to 4 cents at -4N to +1N.

At the Illinois River terminals north of Peoria, cash corn bids dropped 13 to 15 cents at 6.96-7.02, with basis 5 to 7 cents higher at +53N to +59N. Cash soybean bids fell 10 to 12 cents to range from 15.32-15.36, with basis 5 to 7 cents stronger ranging from +22N to +26N. Wheat bids were 11 to 16 cents lower to range from 6.78-6.85, with basis down 1 to 4 cents at -7N to option N.

At the St. Louis terminals cash corn bids
closed steady to 29 cents lower ranging from 6.88-7.06, with soybeans down 16 to 26 cents ranging from 15.39-15.55.

Cash bids for Soft Red Winter wheat were 13 cents lower at 7.04-7.05 and cash sorghum bids were 20 cent lower at 6.62-6.63.

In northern and western Illinois, cash corn bids to producers at country elevators were down 16 to 20 cents at 6.71-6.86, with central Illinois locations 19 to 20 cents lower at 6.66-6.83 and in southern Illinois bids dropped 19 to 20 cents ranging from 6.69-6.92.

Cash soybean bids in northern and western locations were 17 to 22 cents lower at 14.95-15.15, with central Illinois bids falling 17 to 23 cents at 15.20-15.45 and southern Illinois bids dropped 17 cents at 15.23-15.58.

Cash wheat bids for Soft Red Winter wheat in southern Illinois locations ended 12 to 14 cents lower ranging from 6.63-6.89.

___

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

6.88 - 6.97 15.06 - 15.16  

WESTERN 

6.87 - 6.99 15.12 - 15.21  

N. CENT.

6.83 - 6.95 15.30 - 15.46  

S. CENTRAL

6.77 - 6.90 15.39 - 15.49  

WABASH 

6.88 - 7.05 15.46 - 15.57 6.61 - 6.67

W.S. WEST

 6.81 - 7.00 15.30 - 15.42 6.73 - 6.84

L. EGYPT

6.98 - 7.05 15.57 - 15.65 6.61 - 6.71

Central Illinois average price

Corn:  6.86 (+31 N)
Soybeans:
15.39 1/2 (+23 N)


CONTRACT BIDS FOR NEW CROP 2013 DELIVERY

AREA 

US 2

CORN

US 1

SOYBEANS

 ***US 2

SOFT

WHEAT 

NORTHERN

5.01 - 5.16 12.59 - 12.67  

WESTERN 

4.99 - 5.11 12.60 - 12.73  

N. CENT.

5.01 - 5.13 12.68 - 12.86  

S. CENTRAL

5.08 - 5.14 12.78 - 12.83  

WABASH 

5.08 - 5.15 12.73 - 12.86  

W.S. WEST

5.07 - 5.20 12.79 - 12.93  

L. EGYPT

5.10 - 5.18 12.78 - 12.88  

***June/July 2013 delivery
 

Cent. Ill. Average Price at Country Elevators

Week of

6/6/2013

5/30/2013

  Price--Basis Price--Basis

Corn

6.74 1/2 +31N

6.94 +31N

Soybeans

15.32 1/2 +22N

15.52 1/2 +25N

Annual Comparison

 

May 2013

June 2012

  Price--Basis Price--Basis

Corn

6.83 +31N

6.30 +27N

Soybeans

15.10 +72N

14.15 - 7N

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

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