Springfield, IL Fri Sep 3, 2010 USDA-IL Dept of Ag Market News
***THIS REPORT WILL NOT BE ISSUED ON MONDAY SEP. 6, 2010 IN OBSERVANCE OF
THE HOLIDAY. ***
Illinois Grain Prices at Country Elevators
This is Friday's report of the grain prices and trends prepared by the USDA
and the Illinois Department of Agriculture.
Illinois country grain prices were higher on Friday afternoon. Wheat prices
were supported by good export interest and export sales. The USDA announced
the sale of 100,000 tonnes of US wheat to Egypt and another sale of 275,000
tonnes to an unknown destination. Supported by stronger wheat values, corn
futures gained strength from the weakened US dollar and technical buying at
the Board of Trade.
In Northern and Western Illinois country grain dealers quoted shelled corn
bids were 16 to 17 cents higher at 4.08-4.15. Soybean bids were 26 to 30
cents higher at 10.01-10.17.
In Central Illinois country grain dealers quoted shelled corn bids were
17 to 18 cents higher at 4.11-4.29. Soybean bids were 19 to 28 cents
higher at 10.19-10.40.
In the Southern part of the state, shelled corn bids were 17 cents higher
at 4.08-4.28. Soybean bids were 21 to 30 cents higher at 10.00-10.10. Wheat
bids were 27 to 28 cents higher at 6.06-6.33. Milo bids were 14 to 17 cents
higher at 4.12-4.21.
Commercial grain prices paid farmers by Interior Illinois Country Elevators
after 2.00 p.m. today are listed below in dollars per bushel:
AREA US 2 CORN US 1 SOYBEANS US 2 SOFT WHEAT US 2 SORGHUM
NORTHERN 4.09 - 4.14 10.01 - 10.05 ----------- -----------
WESTERN 4.08 - 4.15 10.08 - 10.17 ----------- -----------
N. CENTRAL 4.11 - 4.19 10.21 - 10.40 ----------- -----------
S. CENTRAL 4.17 - 4.29 10.19 - 10.35 ----------- -----------
WABASH 4.15 - 4.28 10.00 - 10.05 6.08 - 6.11 4.20 - 4.21
W.S. WEST 4.08 - 4.19 10.02 - 10.07 6.23 - 6.33 4.12 - 4.16
L. EGYPT 4.18 - 4.22 10.02 - 10.10 6.06 - 6.08 4.19 - 4.20
Central Illinois average price Corn 4.20 (-44 1/2 Z)
Soybeans 10.29 1/2 (- 5 1/2 X)
CONTRACT BIDS FOR JANUARY DELIVERY
AREA CORN SOYBEANS **SOFT WHEAT** SORGHUM
NORTHERN 4.28 - 4.41 10.08 - 10.20 ----------- -----------
WESTERN 4.31 - 4.45 10.12 - 10.26 ----------- -----------
N. CENTRAL 4.32 - 4.49 10.17 - 10.31 ----------- -----------
S. CENTRAL 4.40 - 4.52 10.30 - 10.39 ----------- -----------
WABASH 4.46 - 4.56 10.14 - 10.19 6.30 - 6.50 -----------
W.S. WEST 4.49 - 4.61 10.37 - 10.49 6.20 - 6.50 -----------
L. EGYPT 4.48 - 4.59 10.14 - 10.30 6.30 - 6.39 -----------
**June/July delivery
Illinois grains-Prices ended the reporting week mixed, with corn and wheat
higher and soybeans lower. Early this week the outside markets weighed on
grain futures. The stock market indexes and crude oil values were sharply
lower. Export news and sales, along with the news the Russian export ban
would last until the 2011 grain harvest supported good gains in the wheat
market. Corn and wheat also drew strength from higher than expected weekly
export sales numbers. Corn sales for the week totaled 1.658 million tonnes,
with wheat at 1.024 million tonnes. The purchase of 225,000 tonnes of US
wheat by Egypt also helped to push wheat prices higher.
According to the Illinois Crops and Weather report, from the Illinois Field
Office of the National Ag Statistics Service, for the week ending August
29th, 62% of the Illinois corn crop was in the Good to Excellent condition,
which was 2% lower than last week. The soybean crop was 59% in the Good to
Excellent condition, which was 3% lower than last week. Corn harvest has
officially started in Illinois. There has been 2% of the state's corn crop
harvested, compared to none last year, and the five year average of 1%.
Several country grain elevators, especially in the southern area of the
state, had several busy days with harvest this week. There was 22% of the
state's soybean crop turning yellow, compared to 1% last year and 13% for
the five year average. There were 2% of the regions in Illinois that
reported topsoil moisture surplus, with 59% adequate and 39% short to very
short, so it was definitely getting drier across the state. The southeastern
side of Illinois continues to miss the rain as 78% of their area was very
short to short on topsoil moisture.
Trading in the cash markets was slow to moderate this week. Many country
grain elevators were busier this week with corn harvest. More farmers intend
to start harvest activities next week, after the Labor Day holiday. Many
grain terminals changed their spot basis month for corn and wheat from
September (U) to December (Z), so there will be no basis comparisons for
cash corn and wheat this week. Cash soybean bids to producers at the
Central Illinois Soybean Processors dropped 5 to 35 cents this week to
range from 10.24-10.34, with basis steady to 30 cents lower ranging from
+15X to +25X. Cash corn bids to producers at the Central Illinois Corn
Processors gained 15 to 21 cents to 4.15-4.32, with basis ending the week
in a range of -32Z to -15Z. At the Illinois River terminals south of
Peoria, cash corn bids went up 22 to 23 cents to 3.96-4.09, with basis
ranging from -51Z to -38Z. Cash soybean bids fell 9 to 12 cents to
9.83-9.96, with basis down 4 to 7 cents at -26X to -13X. Bids for January
corn ranged from 4.44-4.48, with basis at -16 1/2H to -12H. January
delivery soybean bids ranged from 10.23-10.27, with basis at +5F to +9F.
New crop wheat bids for June-July 2011 delivery ranged from 6.05-6.38,
with basis at -110N to -77N. At the Illinois River terminals north of
Peoria, cash corn bids gained 23 to 31 cents to 3.95-4.08, with basis
ranging from -7Z to -4Z. Cash soybean bids were up 1 to 2 cents at
10.02-10.05, with basis 6 to 7 cents higher ranging from -7X to -4X. Bids
for January 2011 delivery corn ranged from 4.44-4.46, with basis at -17H
to -15H. January 2011 delivery soybean bids ranged from 10.18-10.20, with
basis at option to +2F. New crop wheat for June-July 2011 delivery ranged
from 6.19-6.25, with basis up 6 to 7 cents at -96N to -90N. Cash corn bids
to producers at the St. Louis terminals gained 12 to 14 cents to 4.12-4.16,
with cash soybean values down 7 to 36 cents to 9.97-10.04. Cash bids for
Soft Red Wheat were 47 cents higher at 6.60-6.61, with sorghum values 30
cents higher at 4.40-4.41.
In northern and western Illinois, cash corn bids to producers at country
elevators were up 21 to 22 cents at 3.89-3.99, at the central Illinois
locations bids were up 15 to 19 cents at 3.93-4.12 and in southern Illinois
bids gained 13 to 20 cents at 3.91-4.11. Cash soybean bids were down 9 to 18
cents at 9.71-9.91 in northern and western Illinois, with central Illinois
locations 26 to 28 cents lower ranging from 9.96-10.12 and southern Illinois
bids dropped 19 to 36 cents at 9.70-9.89. Cash wheat bids to producers at
the country elevators in southern Illinois increased 18 to 23 cents to range
from 5.79-6.05. Cash sorghum bids at country elevators in the southern part
of Illinois were up 11 to 32 cents to range from 3.98-4.04.
Bids for January 2011 delivery corn to producers at country elevators in
northern and western Illinois ranged from 4.11-4.28, with central Illinois
bids at 4.15-4.37 and in the southern part of the state bids ranged from
4.30-4.44. Bids for January 2011 delivery soybeans to producers at country
elevators in northern and western Illinois ranged from 9.80-10.01, with
central Illinois locations at 9.91-10.13 and southern Illinois bids were at
9.89-10.24. New crop wheat bids for June-July 2011 delivery in southern
parts of Illinois ended 10 to 18 cents higher at 6.05-6.35.
Central Illinois Average Price at Country Elevators
9/2/2010 8/26/2010
Price Basis Price Basis
Corn 4.02 1/2 -45 Z 3.86 -30 1/2 U
Soybeans 10.04 -5 X 10.31 +16 1/2 X
Source: USDA-Illinois Dept of Ag Market News Springfield, IL
Phone: 217-782-4925 In state only toll free 888-458-4787
www.ams.usda.gov/LSMarketNews
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