Ag Plus meets producers' grain marketing needs by providing access to end user markets, competitive bids and pricing programs. Our experienced team provides competitive prices, transportation needs, drying and storage service, and we take pride in unloading grain quickly during the high-volume harvest season so your operation doesn't experience bottlenecks. If you have any questions feel free to contact Dave or Laura for your grain marketing needs.
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Thursday, September 12th, 2019
Ag Plus is now offering free Delayed Price at all locations on corn and soybeans until 9/30/19, subject to the new rates in effect at that time if not sold by 9/30/19.
Today was report day. Markets opened unchanged to higher last night and were stronger going into the morning break. Weekly export sales had corn at 19.6 million bushels, up from 16.4 million last week but below last year at 40.7 million. Expected range on corn was 20 to 35 with 39.9 needed per week. Soybeans were 43.1 million bushels, up from 29.0 last week and 18.0 last year with 22 to 40 expected and 34.5 needed per week. Wheat sales were 22.4 million, up from 11.5 million last week and 14.2 million last year with 11 to 22 expected and 13.7 million needed per week. The friendly sales on beans led to higher trade after the morning break. USDA did announce a sale of corn to Mexico again today of 113,000 MT for 19/20. President Trump is talking with Biofuel producers about a program on ethanol and biodiesel. Brazil continues ti have dry weather in the areas where they should be planting beans. The USDA report came out with the corn yield at 168.2, down from 169.5 last month but above the average guess of 166.5 BPA. The total production was 13.799, above the average guess of 13.551 but below last month at 13.901. The carryout for 18/19 was put at 2.445 billion, up from last month at 2.360 and above the guess of 2.402 billion. The carryout for 19/20 was put at 2.190 billion, above last month at 2.181 and the average guess of 1.930. Soybean yield was put at 47.9 versus last month at 48.5 and the average guess of 47.1 BPA. The total production was 3.633 billion, down from last month at 3.680 and above the average guess of 3.581. The carryout numbers for 18/19 were friendly at 1.005 billion, down 70 million from last month and 41 million below the average guess. The carryout numbers for 19/20 were even more friendly at 640 million, down from 750 million last month and the average guess of 655 million. Soybeans rallied after the report trading up about 15 cents with corn and wheat up 2 to 3 cents. As the day progressed, their was talk about China buying 5 million metric tonnes of beans off the Pacific Northwest, this started pushing beans even higher. Their was an announced sale of 600,000 metric tonnes of beans, good news but certainly not 5 million. Tomorrow's trade could be interesting in how traders react to overnight news. The dollar was down 268 points, gold was up $4.30, and silver was down 1 point. Crude oil was lower again today trading down 63 cents at $55.11. Stocks were all higher on the day on the delay of additional tariffs and talk of lower interest rates. Dow futures were up 58, Nasdaq up 31, and S & P up 10. Next report will be Monday's crop weekly crop conditions. Stocks report will be released on September 30th.
Support on December corn is at $3.57-1/2 and $3.50 and resistance is at $3.78 and $3.83-1/2. Support on November beans is at $8.75-1/2 and $8.68-1/4 and resistance is at $9.00 and $9.08-1/4. Support on December wheat is at $4.58-1/2 and $4.50-1/2 and resistance is at $4.89-1/4 and $4.97-1/2.