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
  • Easements still sought for project After an approval for work on a 21-mile water transmission line between Teutopolis and Newton at a meeting earlier this month, progress continued to trickle in at Wednesday night's Teutopolis Village Board meeting. The Village Board heard from Connor

    April 17, 2014

  • 2 in court on meth charges Jackson Adams Daily News Two individuals arrested on methamphetamine charges in Shumway appeared in Effingham County Circuit Court Tuesday. Tara L. Devoe, 18, of Shumway and Nathaniel S. Sparks, 23, of Beecher City both appeared with counsel before a

    April 16, 2014

  • Effingham eager to attract Pinnacle TONY HUFFMAN Daily News Pinnacle Foods is considering an expansion its operation into the former Fedders building. The project will bring up to 25 full-time jobs to the area. The City of Effingham is looking to make that expansion more appetizing wit

    April 16, 2014

  • Dieterich school meals to cost more Jackson Adams Daily News DIETERICH -- Parents can expect to see some higher costs at Dieterich schools in the next school year. Dieterich Superintendent Carrie Jackson said one of the more notable changes in fees will be noticeable in school breakfas

    April 16, 2014

  • Cathy-beach closed.jpg Beach conditions worry EWA

    Effingham Water Authority is putting the operator of Lake Sara beach on notice after health code violations have kept the beach closed for the past couple of years.

    April 15, 2014 1 Photo

  • Soybeans favored over corn

    The United States Department of Agriculture is projecting that farmers nationwide will plant more acres of soybeans this year than ever before.

    April 15, 2014

  • Water service to be interrupted for some Effingham residents Tuesday

    Water service will be interrupted along the following streets, starting at 9 a.m. Tuesday to repair and replace water main valves.

    April 14, 2014

  • Grant to make Dieterich sidewalks more accessible

    A Dieterich pedestrian accessibility project will receive $800,000 as part of transportation grants being given throughout the state.

    April 13, 2014

  • Farming accident claims life

    A Mulberry Grove man was killed instantly Saturday when a tractor he was driving flipped over on him while working on his property.

    April 13, 2014

  • Hodge.jpg Drug enforcement focus of new ISP commander

    Illinois State Police  Zone 7 Investigations Interim Commander Kelly Hodge will now head two districts as commander of Effingham-based District 12 and Carmi-based 19.

    April 13, 2014 1 Photo

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.