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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Tuesday, May 21st, 2019
The Edgerton location will be replacing the scales starting on Monday, May 13th instead of May 16th, this is a change, the crew showed up to start Monday. The project will take several weeks, we will not be able to unload grain during the replacement of the scale. Thanks for your cooperation during the shut down.
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.
Hearing some concerns on the conditions of some of the late planted wheat. Be sure to talk to your crop insurance agent before making a decision to destroy the wheat and plant another crop into the field. You will want to evaluate all your options before making a final decision. Fall pricing on soft red wheat for crop insurance was $5.84.
Lots of discussion on prevent plant for corn and beans. Farmers need to talk to their insurance agent to make the proper decision on what they should do. Be sure to contact your insurance agent and get the numbers for your farming operation. Most of the upper midwest the cut off for corn planting is May 25th or May 31st. Indiana, Illinois, and Ohio are June 5th.
Markets opened higher last night after the lower than expected planting progress report released last night. Traders were disappointed on the overall planting progress and with funds still short the markets, they continued to buy back positions. Yesterday funds bought 15,000 contracts of corn, 10,000 contracts of beans and 7000 contracts of wheat. Would expect similar purchases today. Very quiet news during the early day session. Lots of talk about the number of acres still needed to be planted and how many would be planted or prevent plant. As of the report yesterday, we have 47 million acres of corn and 68.2 million acres of beans left to plant this spring. They were expecting over 50% in corn and over 20% in beans. Weekly progress was released yesterday afternoon at 4 with corn at 49%, last week at 30%, last year at 78% and 5 year at 80%. Corn emergence was 19% compared to 47% last year. Top states have IA at 70%, NE at 70%, IL at 24%, IN at 14%, OH at 9%, and SD at 19%. Prevent plant will start in SD, ND and parts of MN on May 25th with most of the rest of the area west of the Mississippi River having the cut off May 31st. Soybean planting was 19%, 10% last week, 47% last year and 49% on the 5 year. Soybean emergence was at 5% compared to 24% last year. Key states on beans have IL at 9%, IN at 6%, OH at 4%, IA at 27%, NB at 40%, and SD at 4%. Spring wheat was 70% planted compared to 45% last week 76% last year and 80% on the 5 year average. Winter wheat is 66% good/excellent, up from 64% last week and 36% last year. We will have to see if the stormy weather will lower that next week. Wet weather is predicted for most of the western cornbelt over the next couple weeks with KS calling for up to 13 inches, IA up to 9 inches and IL up to 7 inches for parts of the state. Outside markets have the dollar trading up 136 points at $97.90. Gold is down $3.00 at $1274.20, silver is down 31 points at $14.380. Crude oil has traded both sides with the trade currently down 8 cens at $63.02. Stocks have rebounded today after the U.S. announced they would suspend the trade restrictions on Huawei (Chinese company) for 90 days. Dow futures are up 164, Nasdaq is up 73, and S & P is up 22 on the day. No markets will be traded on Sunday night or Monday during the day in observance of Memorial Day. Trading will resume Monday night, May 27th at 8 EDT.
Support on July corn is at $3.84-3/4 and $3.81 and resistance was $4.00 and $4.09. Support on July beans is at $8.20 and $8.02-1/2 and resistance is at $8.40-1/2 and $8.48-1/4. Support on July wheat is at $4.55 and $4.44-1/4 and resistance is at $4.84 and $5.00.