Grain Futures: As of 4 p.m. on Jan. 15, corn, soybean, and wheat futures were all lower compared to the week before.
March 2015 corn was posted at $3.80/bushel, down from the previous week’s $3.9425/bushel, and corn for May 2015 was $3.8725/bushel, a decrease from $4.0275/bushel the week before. Contracts for December 2015 corn were $4.075/bushel, down from $4.1725/bushel one week earlier.
Soybean prices for March 2015 were $9.91/bushel, substantially lower than the prior week’s $10.4825/bushel. May 2015 soybeans were put at $9.9725/bushel, down from $10.5375/bushel the week before, and November 2015 soybeans were $9.765/bushel, a decrease from $10.17/bushel in the previous week.
March 2015 wheat punched in at $5.3275/bushel, down from $5.67/bushel the week before, while May 2015 wheat contracts traded at $5.3575/bushel, also below the previous week’s $5.72/bushel. Wheat for July 2015 was $5.40/bushel, down from $5.7675/bushel one week earlier.
Eastern Cornbelt: Winter storms continued to impact much of the Eastern Cornbelt early in the week, with reports of snowfall, ice, and cold temperatures in all three states. Central and northern Indiana were hit with freezing rain on Jan. 11-12, and light ice accumulation was also reported in Ohio as Winter Storm Hektor pounded the Northeast.
Western Cornbelt: Weather conditions in the Western Cornbelt had moderated after the prior week’s arctic chill, but sources continued to report cold temperatures in many areas, along with wet or frozen field conditions.
“It has been very quiet,” said one Missouri source at midweek. “There is no interest this week, other than staying warm. Since the ground is freezing, we may start to see some winter application next week.”
Southern Plains: Temperatures were starting to warm up in the Southern Plains after bitterly cold weather conditions earlier in January. The frosty weather was accompanied by precipitation throughout Texas and Oklahoma, and sources continued to report scattered snowfall and freezing rain in northern New Mexico early in the week.
Sources reported some topdress activity on winter wheat in parts of Kansas last week, and applications were also taking place on rowcrop acres. Overall the application pace was very slow, however. “Chock it up to the cold weather,” said one contact. Added another, “It’s supposed to warm up, so things might pop next week.”
South Central: Much of the South Central region was experiencing winter weather conditions in mid-January.
The week began with freezing rain and winter weather advisories in northern Arkansas and eastern Kentucky, with below-freezing temperatures extending all the way down to Louisiana and Mississippi. Another weather advisory was posted for central and southern Kentucky late in the week, with snow and sleet in the forecast.
Sources reported minimal new buying activity in the region last week. “Prepay was slow-to-average in our area,” said one regional contact. “Growers are watching the commodity prices closely and are reluctant to make decisions unless they have to have it.”
Southeast: Ice and sleet were reported in parts of eastern Virginia and North Carolina at midweek. Northern Alabama was also bracing for a dusting of snow and sleet at midweek, while rain and fog were reported across southern Georgia and into northern and central Florida.
The previous week brought very chilly temperatures to the Southeast, including some light snowfall in Jacksonville, Fla. Sources in the Carolinas also reported “very wet and cold” weather conditions in early January.