MARKET WIRE Quick Notes: New news in the corn market is limited. Markets continue to see spillover from Friday s USDA report. Carryout was unchanged in Friday s report and exports continue to remain sluggish. The soybean market is reacting to technical selling today. There is rumor of another Brazilian port strike. Delays at ports in South America are still at 50-54 days. Wheat markets struggled today. There is talk of more feed wheat business getting booked, which is keeping the wheat market from seeing bigger losses. The winter wheat crop is seeing improvements in areas as recent rains have added moisture. Have a good week! Call Matt for all your fuel needs! (701)830-0598 2013 Natto Bean acres are available. Jason Vollmer (701)650-7371 Trygg Olson (701)652-5021 Nick Smith (701)830-0223 Adam Allmaras (701)302-0602 This week in Summary: Mar. 6, 2013 thru Mar. 12, 2013 Cash Spring Wheat up 8 cents Futures gain of 8 cents, basis unchanged Cash Corn up 26 cents Futures gain of 26 cents, basis unchanged Cash Soybeans down 7 cents Futures gain of 3 cents, basis loss of 10 cents 2013 New Crop price is $4.00 over the CBOT. Check out our website: www.allieden.com Like us on Facebook at Allied Agronomy LLC, Allied Energy Inc. & Allied Grain
May 2013 Corn Weekly Market Update With Charts Technically we are in a sideways, lower trading pattern with resistance at 7.15 and support holding near 6.75. Weather and likely some planting delays will weigh against good moisture patterns to keep the market volatile. May 2013 Soybeans Technical resistance is 15.00 with support at 14.00 and 13.50. Fundamentals remain solid although exports are falling off as South American harvest gets into full swing. Domestic demand has kept basis strong.
May 2013 Wheat Technical support keeps moving down as the resistance line holds; we now have major support at 7.00. Fundamentals have been weak despite good wheat feeding. May 2013 Crude Oil Technical resistance has been holding at 97.50 with the top down trending line moving down toward 95. Support is at 90 and then 87.50. Fundamentals remain weak with adequate US and world stocks and a soft world economic outlook.
Corn December 2013 Technically we have resistance on new crop corn futures at 6.00 with support at 5.25. The charts are putting in a solid resistance line on new crop corn trending it lower and lower. Weather and timing of planting will drive prices for now. Soybeans November 2013 Technically we have resistance on new crop soybeans at 13.50 with support at 12.50 then 12.00. Weather and acreage will be the drivers for now. Weather patterns are suggestive of good US and world crops.
Agricultural Weather Highlights Tuesday - March 12, 2013 In the West, warm, mostly dry weather prevails west of the Rockies. Summer water-supply concerns exist from California to the central and southern Rockies, despite early-march precipitation. California recently completed its driest January-February period on record, and the Sierra Nevada snow pack is only about two thirds of normal for mid-march. However, Southwestern grasses have improved in recent weeks; on March 10, less than one-third (32%) of Arizona s rangeland and pastures were rated in very poor to poor condition. On the Plains, cold, dry weather prevails, except for snow showers in the Dakotas and some light rain in southern Kansas and northern Oklahoma. Despite recent topsoil moisture improvements, nearly half (44%) of the Texas winter wheat crop was rated in very poor to poor condition on March 10. On the same date, well over half (61%) of the rangeland and pastures in Texas were rated very poor to poor. In the Corn Belt, cold weather accompanies scattered snow showers. A substantial snow cover remains in place across the upper Midwest, but snow has melted away in the southern and eastern Corn Belt. In the South, lingering rain showers are sweeping across the southern Atlantic States. Showers are temporarily reducing irrigation demands across Florida s peninsula. Cool, dry weather covers the remainder of the region. Outlook: A cold front crossing the East will move offshore later today, although precipitation may linger into Wednesday across New England. In the front s wake, cold weather will prevail through week s end in the East, while a series of disturbances will generate snow showers from the Midwest to the Appalachians. Elsewhere, little or no rain will fall through week s end across the southern half of the U.S., while locally heavy precipitation will occur in the Northwest. Mid- to late-week temperatures will quickly rebound to above-normal levels across the Plains, while unusual warmth will prevail in the West. The NWS 6- to 10-day outlook for March 17-21 calls for near- to below-normal temperatures nationwide, except for warmer-thannormal weather from the Ohio River southward to the Gulf Coast. Meanwhile, above-normal precipitation in most areas between the Rockies and Appalachians will contrast with drierthan-normal weather along the southern Atlantic Coast and from the Pacific Coast to the Rio Grande Valley. March 6, 2012 March 5, 2013 Drought Monitor Drought Monitor