Thursday, July 26th, 2018

Markets opened higher, traded higher until the morning break and then sold off during the daytime session.  Not much fresh news other than the President and the EU talking about increasing imports from the U.S.  Wheat rallied 10 cents, beans up 20 and corn up 6 but just did not keep buyers to push this higher and funds turned sellers to end the day.  For the day, funds bought 5000 contracts of corn net, sold 5000 contracts of beans and sold 5000 contracts of wheat after buying each yesterday.  Weekly export sales were released this morning.  Corn sales were 13.3 million, down from 25.2 the previous week, 12-28 million expected and 12.4 million bushel needed per week.  New crop corn sales were strong at 29.4 million bushels.  Bean sales were 19.8 million with 4.7 million bushels cancelled by unknown.  The previous week sales were 7.1 million, expected sales were 7 to 15 and we need to average cancelling 8.8 million bushels per week to get down to the USDA yearly projection.  New crop bean sales were also very strong at 35.4 million bushels versus expected range of 7 to 18.  Wheat sales were 14.2 million, above the 11.0 million last week, and in the expected range of 7 to 15.  Soybean meal sales continue to be strong at 166,400 tonnes last week.  The tentative agreement with the EU is positive in that we are making deals and hopefully others will not want to be left out of trade agreements with the U.S.  Outside markets have the dollar up 431 points at $94.56, gold down $3.60 at $1227.80, and silver down 158 points at $15.375.  Crude oil is stronger again trading at 69.59, up 29 cents.  Stock futures are mixed with the Dow up 95, Nasdaq down 43, and S & P down 2.  Facebook shares were sharply lower on lower earnings and volume of business, putting pressure on the stock markets.  Tomorrow is last trading day for August options and Tuesday is first notice day on August futures.             

Support levels on September corn are at $3.60 and 3.51-1/2 and resistance is at $3.68-3/4 and $3.73-1/2.  Support on December corn is at $3.74 and $3.65-1/4  and resistance was $3.80-1/2 and $3.85-1/2.  Support on August beans is at $8.45-1/2 and $8.39-1/2 and resistance is at $8.81 and $9.04-1/4.  Support on November beans is at $8.61 and $8.55-1/4 and resistance is at $8.97-1/2 and $9.10-3/4.  Support on September wheat is at $5.13 and $4.97 and resistance is at $5.53-3/4 and $5.70-3/4.

Ag Plus has been notified by local soybean and corn processors that they will not accept any corn or soybeans that are not approved for export.

This list would include, but not be limited to: Duracade corn, Roundup Ready 2 Extend beans, Enlist corn and beans, Vistive beans and Plenish beans. 

Ag Plus wants you to understand that our policy is that we cannot accept any grain that is not approved for export shipment until the local processors or terminals will accept them.  We cannot accept any grains that are tainted or contaminated by, produced from, or contain any amount of genetically modified seed.  We also cannot accept GMO events that have not received full and final approval for import/use by any domestic or foreign markets; not limited to the United States, China, European Union, or any other export market.

If you are uncertain on a seed product that you intend to plant or have planted, please check with us before planting/shipping grain to any Ag Plus location.  If you have already planted a non-approved product, we will do our best to work with you to help market the grain; but you must notify us before any delivery of grain.    Failure to notify us before delivery will result in liability to the farmer.

Any seller that delivers unapproved agricultural commodities that include products which are produced from, tainted or contaminated by, or contain any amount of GMO seed or GMO events not approved in all export markets; shall be in breach of the contract with Ag Plus.  The seller will then be liable for all direct or consequential damages, including but not limited to, any losses arising from facility closure, extra handling or reduced operating capacity, and all removal and cleaning costs.  This liability could also include any damages or issues caused at processing facilities or terminals that Ag Plus may deliver grain to, from our farm customer.

We hope to have these issues resolved by the seed companies before any matters arise.  We will notify our customers once the issues have been resolved but this policy will remain in effect until then. 

WILL NOT ACCEPT

Delivery of soybeans/corn produced from the following seed products:

                                                     Bayer soybeans

                                                         Event FG72

VistiveGold soybeans                       Bayer/Syngenta soybeans

MON 87705 (Monsanto)                            SYHTOH2

Soymega™ soybeans                            Dow soybeans

MON 87769 (Monsanto)                           DAS-81419-2

Dow Enlist E3™ soybeans                    Monsanto soybeans

DAS-44406-6                                         MON 87712

Dow Enlist ™ soybeans                        Monsanto soybeans

DAS-68416-4                                         MON 87751

Syngenta Duracade corn                      Plenish™ soybeans

                                                            (DuPont/Pioneer)

“UNACCEPTABLE AGRICULTURAL COMMODITIES” INCLUDING COMMODITIES THAT INCLUDE, ARE PRODUCED FROM, OR CONTAIN ANY AMOUNT OF, SOYBEAN WITH MONSANTO’SROUNDUP READY 2 XTEND™ TECHNOLOGY.

ANY SELLER THAT DELIVERS UNACCEPTABLE AGRICULTURAL COMMODITIES SHALL BE IN BREACH OF ITS CONTRACT AND WILL BE LIABLE FOR DIRECT AND CONSEQUENTIAL DAMAGES, INCLUDING WITHOUT LIMITATION, ANY LOSSES ARISING FROM FACILITY CLOSURE OR REDUCED OPERATING CAPACITY AND ALL REMOVAL AND CLEANING COSTS.