Effingham Daily News, Effingham, IL

Local News

November 27, 2012

Soybean crops better than originally thought

EFFINGHAM — No one expected the near-normal soybean crop that persevered despite this summer's drought.

Illinois Soybean Association District 13 Director Gary Berg has heard the same thing at committee meetings and a commodity conference last week.

"Everyone is amazed and surprised what the soybeans did considering what they went through," said the St. Elmo farmer.

In a report released Monday by the University of Illinois, agricultural economist Darrel Good said that soybean futures continue to be high for soybean meal prices. Meanwhile, the prices for soybean oil have dropped back to the levels of early June.

"For the 2012-13 marketing year, the USDA expects soybean oil prices to remain weak relative to soybean meal prices," said Good in his report that focused primarily on the outlook of soybean oil. The oil is an important ingredient in the manufacturing of biodiesel fuels.

"With demand potentially stronger than currently projected, the increase in prices that began two weeks ago is likely to be extended," he said.

Good said that soybean futures are 13 percent above the early June level, while soybean meal prices are 21 percent higher.

But Berg said he believes those numbers still might come down. Although the harvested yields have not been totaled yet, they are better than expected thanks to late August rains that unfortunately came too late to help the devastated corn crop.

"Everybody is trying to guess. I'm not sure they came up with a real figure yet," said Berg of soybean yields.

Still, a majority of the state benefited, even though yields look to be less than normal.

"Yeah, we didn't have a normal crop, but it's pretty close," said Berg.

The drought drove a sharp increase in soybean prices beginning in June and peaking in early September.

"People who do trading hear there's no rain and start to speculate there's not going to be enough supply, and that starts to drive up prices," said Berg.

The late rains, however, pushed those speculations aside and eased prices.

"Soybean prices have dropped back substantially," said Berg.

While soybean crops aren't as good as they would have been under average weather conditions, Berg is relieved by the outlook.

"Thank goodness," he said.

Cathy Thoele can be reached at 217-347-7151 ext. 126 or cathy.thoele@effinghamdailynews.com.

1
Text Only
Local News
  • Meth suspect pleads not guilty

    The Beecher City man accused of operating a methamphetamine lab in a Shumway home pleaded not guilty during a brief Thursday morning appearance in Effingham County Circuit Court.

    April 24, 2014

  • tony- community garden 2.jpg Perfect time to plant

    Steve Luchtefeld loves onions.

    April 24, 2014 1 Photo

  • Hofer hearing delayed

    Proceedings were continued Wednesday for an Effingham woman accused of driving under the influence of drugs at the time of a traffic accident that killed a Watson teenager on her way to school.

    April 24, 2014

  • Missouri driver ejected, killed Tuesday ST. ELMO -- A driver from Missouri was killed when the semi she was driving overturned on Interstate 70 Tuesday. Royce E. Horton, 50, of Highlandville, Mo., was driving a maroon and white Freightliner truck-tractor westbound at 3:36 a.m. Tuesday on I

    April 24, 2014

  • Stew-Stras to upgrade technology STRASBURG -- With no new technology purchased since 2011, new computers will finally be coming to Stewardson-Strasburg Schools starting next year. Superintendent Michele Lindenmeyer said the district will be rolling out technology in phases over the

    April 24, 2014

  • Semi driver dead in accident on I-70

    A semi driver from Missouri was killed when their vehicle overturned on I-70 Tuesday.

    April 23, 2014

  • Shumway meth suspects plead not guilty

    Two of the four arrested in a Shumway methamphetamine bust earlier this month pleaded not guilty Tuesday in Effingham County Circuit Court.

    April 22, 2014

  • Man found dead from gunshot wound ST. ELMO -- Fayette County authorities are investigating two unrelated deaths over the weekend. Matthew Austin, 47, of St. Elmo was found dead in his pickup by a family member at 9:30 p.m. Saturday at 501 W. Cumberland Road in St. Elmo. Austin appear

    April 22, 2014

  • Library seeks community support

    With a bid letting set for September and renovation of the old Fifth Third Bank slated to begin in December, the Library Board is actively looking for community support in fundraising. 

    April 21, 2014

  • Effingham man gets five-year sentence for meth lab

    An Effingham man was sentenced to five years in prison Monday on a charge of participation in methamphetamine manufacturing.

    April 21, 2014

AP Video
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.