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Illinois grain prices in country elevators

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[September 14, 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 selling at the Board of Trade helped to weaken soybean futures.

In Northern and Western Illinois country grain dealers quoted shelled corn bids were 7 to 10 cents lower at 4.59-4.85.

Soybean bids were 20 to 30 cents lower at 13.62-14.24.

In Central Illinois country grain dealers quoted shelled corn bids were down 20 to 30 cents at 4.56-4.83.

Soybean bids were 35 to 45 cents lower at 14.26-14.61.

In the Southern part of the state, shelled corn bids were 8 to 16 cents lower at 4.49-4.74.

Soybean bids were 14 to 28 cents lower at 13.90-14.47.

Wheat bids were 9 to 11 cents lower at 5.91-6.12.

Grain futures ended higher this week at the Board of Trade.

Traders waited all week to look at the latest figures from the USDA's September Crop Production and Supply Demand reports.

Trading activity was light until the release of the report.

Traders thought the 13.84 billion bushel corn crop was higher than the average estimate and pushed the carryout figure for the 2013-2014 crop to a number which was also higher than expected at 1.855 billion bushels.

For soybeans, the report was considered a little friendlier by traders.

The size of the US soybean crop was forecasted to be 3.149 billion bushels, which was very near the average estimate.

However, the carryout figure for the 2013-2014 soybean crop was under some estimates at 150 million bushels.

This was a source of strength for soybean futures.

In the USDA report, the US corn crop was forecasted at 13.8 billion bushels, with an average yield of 155.3 bushels per acre as of September 1st.

If realized, this would be the largest corn crop in US history.

The US soybean crop was forecasted to produce 3.149 billion bushels, with an average yield of 41.2 bushels per acre.

The carryout for the 2013-2014 corn crop was estimated at 1.855 billion bushels, with the soybean carryout forecasted at 150 million bushels.

For Illinois producers, their corn crop was estimated to be 1.963 billion bushels, with an average yield of 165 bushels per acre, which would come from 11.9 million harvested acres.

The Illinois soybean crop was estimated to
produce 430.1 million bushels, with an average yield of 46 bushels per acre, from 9.35 million acres.

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

But this time of the growing season, more emphasis might be placed on the maturity of the crop, as opposed to the condition of the crop.

As of September 8st, the Illinois corn crop placed 55% in the good to excellent category, down 2% from one week ago.

The Illinois soybean crop was 3% lower from last week at 49% good to excellent category.

With some farmers starting their Fall harvest, the Illinois corn crop continues to mature.

There was 69% in the dent stage, compared to 97% last year and 78% for the five year average.

There was 6% rated as mature, compared to 73% last year and 38% for the five year average.

There was now 18% of the soybean crop turning yellow, compared to 57% last year and 37% for the five year average.

There was 3% of the state's crop starting to drop leaves, compared to 19% last year and 12% for the five year average.

Pasture conditions continued to fall, with 37% very poor to poor, with 40% fair and 23% rated good to excellent.

The trading in the cash grain market was slow to moderate this week, but activity was picking up.

With some farmers beginning corn harvest and the soybean harvest getting closer, the cash basis ended sharply lower this week for both corn and soybeans.

There were a few quick shipment bids still available, but they were fading fast.

So while the futures market ended higher for the week, the cash prices ended sharply lower.

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The Central Illinois Soybean Processors cash bids were down 26 to 31 cents to 14.96-15.06, with basis falling 45 to 60 cents ranging from +100X to +110X.

At the Central Illinois Corn Processors cash bids were 62 to 77 cents lower ranging from 4.91-5.26, with basis down 30 to 45 cents ranging from +25Z to +60Z.

At the Illinois River terminals south of Peoria, cash corn bids were down 36 to 50 cents ranging from 4.80-4.91, with basis dropping 41 to 55 cents ranging from +14Z to +25Z.

Cash soybean bids lost 18 to 21 cents with bids ranging from 14.36-14.54, with basis down 47 to 50 cents ranging from +40X to +58X.

At the Illinois River terminals north of Peoria, cash corn bids dropped 40 cents to 4.81-5.01, with basis down 45 cents at +15Z to +35Z.

Cash soybean bids were down 50 to 59 cents to range from 14.16-14.32, with basis falling 79 to 88 cents ranging from +20X to +36X.

At the St. Louis terminals cash corn bids closed 10 to 11 cents lower ranging from 4.73-4.91, with soybeans up 5 to 16 cents ranging from 14.33-14.46.

Cash bids for Soft Red Winter wheat were 8 cents higher at 6.22-6.23 and cash sorghum bids were 5 cents stronger at 4.90-4.91.

In northern and western Illinois, cash corn bids to producers at country elevators were 45 to 49 cents lower at 4.66-4.92, with central Illinois locations 42 to 61 cents lower at 4.84-5.05 and in southern Illinois bids were 15 to 54 cents lower ranging from 4.65-4.82.

Cash soybean bids in northern and western locations were down 3 to 53 cents at 13.82-14.54, with central Illinois bids down 16 to 19 cents at 14.70-14.96 and southern Illinois bids were mixed at 14.18-14.61.

Cash wheat bids for Soft Red Winter wheat in southern Illinois gained 12 to 13 cents ranging from 6.05-6.21.

___

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

4.66 - 4.85 13.62 - 13.72  

WESTERN 

4.59 - 4.79 14.21 - 14.24  

N. CENT.

4.56 - 4.73 14.26 - 14.42  

S. CENTRAL

4.72 - 4.83 14.55 - 14.61  

WABASH 

4.55 - 4.66 14.22 - 14.47 5.99 - 6.10

W.S. WEST

4.61 - 4.74 13.90 - 14.09 5.94 - 6.12

L. EGYPT

4.49 - 4.69 14.17 - 14.22 5.91 - 6.02

Central Illinois average price

Corn:  4.69 1/2 (+ 10 1/2 Z)
Soybeans:
14.43 1/2 (+ 62 X)

CONTRACT BIDS FOR NEW CROP JANUARY 2014 DELIVERY

AREA 

US 2

CORN

US 1

SOYBEANS

 ***US 2

SOFT

WHEAT 

NORTHERN

4.42 - 4.55 13.49 - 13.63  

WESTERN 

4.34 - 4.46 13.56 - 13.69  

N. CENT.

4.43 - 4.57 13.94 - 14.02  

S. CENTRAL

4.50 - 4.58 13.76 - 13.82  

WABASH 

4.52 - 4.57 13.65 - 13.75  

W.S. WEST

4.52 - 4.68 13.90 - 13.99  

L. EGYPT

4.51 - 4.60 13.75 - 13.85  

***June/July 2013 delivery
 

Cent. Ill. Average Price at Country Elevators

Week of

9/12/2013

9/5/2013 

  Price--Basis Price--Basis

Corn

4.94 1/2 +28Z

5.46 +85Z

Soybeans

14.83 +87X

14.96 +129X

Annual Comparison

 

August 2013  

September 2012

  Price--Basis Price--Basis

Corn

5.98 1/2 +115U

7.69 1/2 +6Z

Soybeans

14.00 +135 1/2X

16.71 -4 1/2 X

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

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