Grain Prices @ Illinois Interior Country Elevators

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GX_GR113
Springfield, IL    Fri Feb 01, 2013    USDA-IL Dept of Ag Market News

Illinois Grain Prices in 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 mixed on Friday afternoon, with corn 
and wheat lower and soybeans higher. Fund and technical selling at the 
Board of Trade helped to push wheat futures lower.

In Northern and Western Illinois country grain dealers quoted shelled corn 
bids were 3 to 6 cents lower at 7.25-7.41. Soybean bids were mixed at 
14.48-14.67.
 
In Central Illinois country grain dealers quoted shelled corn bids were 
5 cents lower at 7.35-7.51. Soybean bids were 3 to 7 cents higher at 
14.81-14.93.

In the Southern part of the state, shelled corn bids were 4 to 5 cents
lower at 7.25-7.61. Soybean bids were mixed at 14.76-15.02. Wheat bids 
were 10 to 12 cents lower at 7.60-7.80.

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  
NORTHERN    7.25 - 7.41   14.48 - 14.67    -----------       
WESTERN     7.25 - 7.33   14.49 - 14.65    -----------       
N. CENTRAL  7.35 - 7.44   14.81 - 14.89    -----------       
S. CENTRAL  7.37 - 7.51   14.82 - 14.93    -----------       
WABASH      7.42 - 7.53   14.92 - 14.96    7.60 - 7.73     
W.S. WEST   7.25 - 7.48   14.76 - 14.89    7.60 - 7.70    
L. EGYPT    7.51 - 7.61   14.94 - 15.02    7.61 - 7.80     

Central Illinois average price   Corn        7.43       (+ 7       H)
                                 Soybeans   14.87       (+13       H)

                 CONTRACT BIDS FOR NEW CROP 2013 DELIVERY

 AREA          CORN          SOYBEANS   ***SOFT WHEAT*** 
NORTHERN    5.50 - 5.64   12.90 - 12.99   -----------    
WESTERN     5.52 - 5.62   12.88 - 12.98   -----------    
N. CENTRAL  5.57 - 5.67   12.91 - 13.12   -----------    
S. CENTRAL  5.55 - 5.68   12.98 - 13.10   -----------    
WABASH      5.62 - 5.72   13.00 - 13.08   7.46 - 7.60                       
W.S. WEST   5.50 - 5.62   13.03 - 13.18   7.28 - 7.42  
L. EGYPT    5.67 - 5.77   12.98 - 13.08   7.46 - 7.55 
***June/July 2013 delivery


Illinois grains ended higher for the week.  Soybean futures were influenced by the changing 
weather forecast for the South American soybean crop and continued strong export demand.  
Wheat futures gained strength from the dry soil conditions in the western plain states and 
export interest.  Corn futures were supported by the higher wheat values and a slight increase 
in export interest.

The trading in the cash grain market was slow to moderate. With cash basis levels strong for 
both corn and soybeans, movement had been barely good enough to keep the market 
satisfied.  The river system to the gulf export markets was doing its best to keep barges 
moving down the Mississippi River.  The export demand was also very good and was helping 
to keep basis firm.  Soybean processors were competing with the river for cash soybeans and 
this competition kept basis strong. This week there was a change.  A frontal system helped to 
deliver enough rain for runoff to the river system and the need to get barges down the river 
was not so urgent.  The demand for soybeans from the export market also fell leading to 
sharply lower cash soybean basis levels at many river terminals.  The Central Illinois Soybean 
Processors cash bids were 28 to 33 cents higher ranging from 14.93-15.08, with basis steady 
to 5 cents lower at +25H to +40H. The Central Illinois Corn Processors cash bids were up 19 
to 26 cents ranging from 7.55-7.67, with basis 3 to 10 cents stronger ranging from +15H to 
+27H. At the Illinois River terminals south of Peoria, cash corn bids ended 16 to 19 cents 
higher ranging from 7.40-7.45, with basis steady to 3 cents higher at option H to +5H. Cash 
soybean bids gained 8 to 11 cents to 14.84-14.90, with basis down 22 to 25 cents ranging from 
+16H to +22H. New crop wheat bids for delivery in July 2013 ended 11 to 12 cents higher 
ranging from 7.68-7.83, with basis steady to 1 cent higher at -25N to -10N. At the Illinois River 
terminals north of Peoria, cash corn bids were up 17 to 21 cents stronger to 7.42-7.46, with 
basis 1 to 5 cents higher at +2H to +6H. Cash soybean bids were up 18 to 24 cents at 14.90-
15.00, with basis 8 to 14 cents lower ranging from +22H to +32H. New crop wheat bids for July 
2013 delivery gained 7 to 10 cents to range from 7.67-7.72, with basis down 1 to 4 cents at 
-26N to -21N. At the St. Louis terminals cash corn bids were 21 to 24 cents higher at 7.48-
7.50, with soybeans gaining 10 to 11 cents ranging from 15.00-15.02. Cash bids for Soft Red 
Winter wheat gained 20 cents to 8.04-8.05 and cash sorghum bids were up 27 cents to range 
from 7.35-7.36.  

In northern and western Illinois, cash corn bids to producers at country elevators gained 16 
cents at 7.28-7.47, with central Illinois locations up 19 to 21 cents at 7.40-7.56 and in southern 
Illinois bids were 17 cents higher ranging from 7.29-7.66. Cash soybean bids in northern and 
western locations were up 14 to 26 cents at 14.50-14.61 with central Illinois bids 34 to 39 cents 
higher at 14.74-14.90 and southern Illinois bids were up 24 to 26 cents at 14.79-14.99. Cash 
wheat bids for Soft Red Winter wheat in southern Illinois locations gained 10 to 11 cents to 
7.72-7.90. New crop wheat bids for June-July delivery in southern Illinois were 3 to 11 cents 
stronger to range from 7.43-7.75.

Central Illinois Average Price at Country Elevators

            1/31/2013          1/24/2013      January 2013    February 2012            
          Price   Basis      Price     Basis  Price   Basis   Price   Basis          
Corn       7.48  + 7 1/2 H    7.28      + 4H    7.17   + 2H     6.41   + 1/2H
Soybeans  14.82  +13 1/2 H   14.45 1/2  +10H   14.30   +11H    12.40   -15 H

Source: USDA-IL Dept of Ag Market News, Springfield, IL
        Phone:  217-782-4925   In state only toll free 888-458-4787
        www.ams.usda.gov/mnreports/GX_GR113.txt

1544cst jm/gw


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