USDA-GX: Grain Prices Illinois Interior Country Elevators
Springfield, IL - Fri Nov 6, 2009 - USDA-IL Dept of Ag Market News
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 lower on Friday afternoon. Harvest
should be in full swing this weekend as many grain elevators and terminals
expect to have their largest weekend yet. Cash basis for both corn and
soybeans was still under pressure on Friday. The combination of weak gulf
basis and higher barge freight rates drove basis down. Cash corn basis
fell 10 to 16 cents at many Illinois River termianls, with soybeans down
14 to 17 cents per bushel.
In Northern and Western Illinois country grain dealers quoted shelled
corn bids were 10 to 11 cents lower at 3.28-3.42. Soybean bids were 19
cents lower at 9.12-9.26.
In Central Illinois country grain dealers quoted shelled corn bids were
mostly 9 to 12 cents lower at 3.37-3.45. Soybean bids were 19 to 25 cents
lower at 9.27-9.37.
In the Southern part of the state, shelled corn bids were 10 to 15 cents
lower at 3.25-3.47. Soybean bids were mostly 16 to 22 cents lower at
9.05-9.32. Wheat bids were down 5 to 15 cents at 2.85-3.82. Milo bids were
13 to 16 cents lower at 3.13-3.37.
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 3.33 - 3.42 9.23 - 9.26 ----------- -----------
WESTERN 3.28 - 3.40 9.12 - 9.25 ----------- -----------
N. CENTRAL 3.37 - 3.45 9.30 - 9.37 ----------- -----------
S. CENTRAL 3.37 - 3.44 9.27 - 9.36 ----------- -----------
WABASH 3.35 - 3.47 9.23 - 9.32 3.57 - 3.82 3.17 - 3.27
W.S. WEST 3.25 - 3.41 9.05 - 9.25 2.85 - 3.35 3.13 - 3.29
L. EGYPT 3.30 - 3.39 9.13 - 9.25 3.52 - 3.57 3.17 - 3.37
Central Illinois average price Corn 3.41 (- 26 Z)
Soybeans 9.32 (- 23 F)
CONTRACT BIDS FOR JANUARY DELIVERY
AREA CORN SOYBEANS **SOFT WHEAT** SORGHUM
NORTHERN 3.49 - 3.54 9.27 - 9.35 ----------- -----------
WESTERN 3.42 - 3.46 9.30 - 9.40 ----------- -----------
N. CENTRAL 3.47 - 3.54 9.40 - 9.45 ----------- -----------
S. CENTRAL 3.43 - 3.51 9.40 - 9.48 ----------- -----------
WABASH 3.57 - 3.67 9.40 - 9.47 4.35 - 4.42 -----------
W.S. WEST 3.47 - 3.55 9.43 - 9.59 4.50 - 4.58 -----------
L. EGYPT 3.50 - 3.63 9.47 - 9.58 4.59 - 4.72 -----------
**New crop June/July delivery
Illinois grains- Prices were mixed this week at the Chicago Mercantile
Exchange, with wheat higher and corn and soybeans lower. Corn and
soybean futures reacted to harvest finally getting underway again.
Harvest pressure weighed on prices as weather conditions are giving
farmers a chance to resume harvest activities. The weather forecast
gives farmers hope for an extended period for harvest, a chance to
finally catch up. Traders are expecting farmers to make good progress.
They are also looking forward to next week's November Crop production
report to be released by the USDA on Tuesday, the 10th.
The Illinois Weather and Crops report for the week ending November 1,
showed very little progress on the Illinois harvest. Rain did finally
stop last Friday, so next week's report should have better news. Many
producers returned to their fields on Saturday trying to deal with high
moisture crops and muddy fields. Corn harvest in Illinois has reached
19% complete, compared to 63% last year and the five year average of 86%.
The soybean harvest has reached 35% complete, compared to 88% last year,
and the five year average of 92%. Since 1940, this is the slowest corn
harvest on record at 19% and the slowest since 1967 when only 10% of the
crop was harvested on November 1. Soybean harvest is the second slowest
on record at 35%, the slowest since 1941 when 21% was harvested on
November 1. As expected, very little progress was made by farmers with
wheat seeding due to rain and wet soil conditions. Farmers had
completed only 35% of their planting, compared to 97% last year and 90%
for the five year average. Many producers doubt further progress will
be made as the soil was still wet and the optimum time to plant has
passed.
Cash grain movement this week was moderate to heavy. As farmers
resumed harvest of soybeans and corn early this week, basis started to
weaken on both soybeans and corn. Many country elevators and terminals
were fighting the battle to keep grain moving through the system. Wet
corn and soybeans are slowing the movement of grain. By Wednesday,
many areas reported that the soybean moisture was consistently dry,
while corn moistures were still a problem. Corn with high moisture
levels has to be run through the dryer to be stored. Elevators are
running their dryers 24 hours a day, but can't keep up with the
overflow of high moisture corn causing them to restrict hours of
delivery. Cash bids to producers at the Central Illinois Soybean
Processors were 16 cents lower to range from 9.64-9.84, with basis
-8F to +12F. At the Central Illinois Corn Processors, cash corn bids
fell 9 to 13 cents to 3.68-3.76, with basis down 6 to 10 cents at -8Z
to option Z. At the Illinois River terminals south of Peoria, cash
corn bids dropped 11 cents at 3.48-3.52, with basis 8 cents lower at
-28Z to -24 1/2 Z. Cash soybean bids were 26 to 32 cents weaker at
9.53-9.60, with basis ranging from -19F to -12F. Corn bids for January
2010 delivery were 3 to 4 cents lower at 3.70-3.73, with basis down 1
to 2 cents at -20H to -17H. Soybean bids for January 2010 delivery
were down 17 to 19 cents to 9.80-9.84, with basis down 2 to 4 cents at
+8F to +12F. At the Illinois River terminals north of Peoria, cash
corn bids were 14 cents lower at 3.44-3.47, with basis down 11 cents
to -32Z to -29Z. Cash soybean bids fell 26 to 28 cents at 9.52-9.56,
with basis ranging from -20F to -16F. Corn bids for January 2010
delivery dropped 4 cents to range from 3.65-3.70, with basis 2 cents
lower to -25H to -20H. Soybean bids for January delivery were down
21 to 22 cents to 9.72-9.76, with basis 6 to 7 cents lower at option F
to +4F.
In northern and western Illinois, cash corn bids to producers at
country elevators were down 3 to 7 cents at 3.39-3.52, in central
Illinois bids were 6 cents lower at 3.43-3.57, and southern Illinois
locations were down 8 to 14 cents at 3.40-3.57. Cash soybean bids
dropped 25 to 26 cents to range from 9.33-9.47 in northern and western
Illinois, with central Illinois locations down 14 to 18 cents ranging
from 9.46-9.62, and southern Illinois bids were 26 to 29 cents lower
at 9.41-9.53. Cash wheat bids to producers at the country elevators in
southern Illinois locations were 18 to 23 cents higher at 3.00-3.87.
Cash sorghum bids at country elevators in the southern part of
Illinois were down 3 to 14 cents at 3.27-3.53.
Corn bids for January 2010 delivery to producers at country elevators
in northern and western Illinois were mixed at 3.52-3.64, with central
Illinois bids dropping 4 to 6 cents at 3.52-3.63 and in the southern
part of the state bids were 6 to 7 cents lower at 3.60-3.76. Soybean
bids to producers for January 2010 delivery in northern and western
Illinois were 15 to 21 cents lower at 9.44-9.63, with central Illinois
locations decreasing 13 to 20 cents ranging from 9.57-9.67, and
southern Illinois bids dropped 16 cents to 9.54-9.79.
Central Illinois Average Price at Country Elevators
11/5/2009 10/29/2009
Price Basis Price Basis
Corn 3.50 -16 1/2 Z 3.56 -23 1/2 Z
Soybeans 9.54 -18 F 9.70 -15 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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