Grain Futures: As of 4:00 p.m. on Feb. 18, corn, soybean, and wheat futures were higher compared to the week before.
Corn contracts for March 2016 clocked in at $3.655/bushel, a rise from the previous week’s $3.6025/bushel. May 2016 corn was $3.6975/bushel, an increase from $3.65/bushel in the previous period, and corn for December 2016 was $3.865/bushel, up from $3.8275/bushel reported last.
The March 2016 soybean price rose to $8.7975/bushel from $8.735/bushel a week earlier. Beans for May 2016 were $8.8275/bushel, an increase from the last-reported $8.7775/bushel, and November 2016 soybeans were posted at $8.905/bushel, higher than $8.8775/bushel the week before.
Wheat for March 2016 was $4.5325/bushel, up from the previous period’s $4.44/bushel, and July 2016 wheat was $4.7325/bushel, higher than $4.6425/bushel at the previous report. Contracts for September 2016 wheat were listed at $4.8725/bushel, above the $4.78/bushel from the week before.
Eastern Cornbelt: Winter Storm Olympia hit the Eastern U.S. hard with heavy snowfall and freezing rain at mid-month, but also left its mark on the Eastern Cornbelt. Winter storm conditions caused the cancellation of more than 250 flights at Chicago’s O’Hare on Feb. 14, with reports of freezing rain and fog that lingered into Feb. 15 as well.
The Valentine’s Day weekend storm also brought 2-4 inches of snow to a wide swathe of Indiana, along with freezing rain and poor visibility that resulted in a multi-vehicle highway accident that closed part of Interstate 65 on Feb. 14. Several inches of wet, heavy snow also caused highway and school closures in central and northern Ohio on Feb. 14-16.
Warm weather was on the way, however, with weekend forecasts calling for highs in the 50s throughout the Eastern Cornbelt. The onset of spring had some sources expressing growing concerns about the lack of commitments from farmers and the likelihood of logistics problems when they do step back into the market.
“I have had some talks with a few growers, but overall things are still very quiet,” said one regional contact. “They are in no hurry to make purchasing decisions, because everything they read is weak pricing and markets, etc. I think we are setting up for some big logistic issues this spring if the right things happen at wrong times.”
Western Cornbelt: Sources reported wet snowfall in central and southern Iowa on Feb. 16, while gusty winds were expected to hit parts of Nebraska on Feb. 18-19. Forecasts warned of gusts up to 60 mph in parts of the region as the week progressed, with snow and rainfall also likely.
Northern Plains: Unseasonably mild weather continued to blanket much of the Northern Plains in mid-February, prompting “lots of talk about an early spring,” according to one regional contact.
Dakota sources talked of temperatures in the upper 40s and 50s last week, with reports of rainfall in some areas. Just one week earlier, strong winds and blowing snow caused highway closures in parts of South Dakota and Minnesota. Snowfall was also reported in South Dakota over the Valentine’s weekend, with wide temperature fluctuations noted in the state.
One North Dakota contact said spring fieldwork could start in early April this year if current weather conditions continue. The region needs more precipitation, however. “We are hoping for moisture so we don’t end up in a drought situation,” he said.
Great Lakes: Despite a brief period of severe cold in early February, the Great Lakes region was expecting a return to mild temperatures as the month progresses, prompting more speculation of an early start to the spring planting season.
Great Lakes ice coverage as of mid-February offers an interesting gauge of winter temperatures in the region, and shows a remarkable change from the last two years. As of Feb. 16 just 16 percent of Lake Michigan was covered by ice, and that was a significant increase from previous weeks due to the recent period of cold weather.
By contrast, fully 70.7 percent of Lake Michigan was ice-covered by Feb. 16, 2014, and 51.3 percent by Feb. 16, 2015. The average ice coverage for this time of year is roughly 27 percent, according to the National Oceanic and Atmospheric Administration’s Great Lakes Environmental Research Lab.
Northeast: The Northeast was once again digging out from heavy snows after Winter Storm Olympia hit the region on Feb. 15-16. Snowfall totals included 18-22 inches in parts of upstate New York, more than 20 inches in Ottawa, Ont., 13 inches in Union Township, Pa., 9 inches in Dowell, Md., and 3-5 inches across a wide swathe of New England.
The powerful storm was preceded by frigid temperatures, with wind chills on Feb. 14 dropping to 36-40 below zero in upstate New York and New England. Boston posted a record low of minus 9 degrees on Feb. 14, with New York City dropping to 1 degree below zero.
The surge of winter weather once again put fieldwork on the backburner in the Northeast.