Grain Futures: As of 4:00 p.m. on March 24, soybean futures were higher compared to the week before, but corn and wheat were mixed.
Corn for May 2016 was $3.70/bushel, up from $3.685/bushel at last report. The December 2016 price for corn was unchanged at $3.8725/bushel, while trading of March 2017 corn contracts checked in at $3.955/bushel, a slight fall from the previous week’s $3.96/bushel.
The May 2016 soybean price firmed to $9.105/bushel from $8.9775/bushel the week before. Soybeans for November 2016 were $9.2275/bushel, up from the previous week’s $9.0925/bushel, while soybeans for January 2017 were posted at $9.265/bushel, up from $9.135/bushel at last report.
Wheat for July 2016 was $4.8275/bushel, up from the prior week’s $4.7075/bushel. September 2016 wheat firmed to $4.9625/bushel from $4.95/bushel the week before, and July 2017 wheat contracts were unchanged at $5.4025/bushel.
Eastern Cornbelt: Spotty rainfall continued to limit fieldwork in parts of the Eastern Cornbelt, but preplant activity was underway in some locations. “One area takes off and runs hard, but then stops as rain moves through,” said one regional contact.
Western Cornbelt: A powerful spring storm dumped heavy snow on northern Iowa during the week, and also hammered western Nebraska with snowfall and high winds.
Local reports said 4-6 inches of snow fell across a wide swathe of northern Iowa at midweek, with some areas seeing as much as 10-13 inches or more. The heaviest total was reported at 17 inches near Sioux City, Iowa. Although snowfall was less in Nebraska, the storm’s 30-40 mph winds produced blizzard conditions that resulted in the closure of Interstate 80 from Grand Island to the Wyoming border.
The storm also pushed into northwestern Missouri, with severe thunderstorm warnings and a tornado watch posted for some locations on March 23. Sources reported strong winds, hail, and heavy rainfall as the system moved through.
The inclement weather put a stop to spring fieldwork in many areas. One contact said activity in his location was shut down on March 22, while an Iowa source described fieldwork as “really crazy” in the days leading up to the storm.
California: Heavy rainfall in March has eased drought conditions across parts of California and helped replenish reservoirs. The moisture was appreciated after a dry February, but mudslides and road closures accompanied the precipitation in some locations.
Authorities reported that Shasta Lake and Lake Oroville were both above 80 percent of capacity last week, compared with 50-59 percent at this time last year. The Sierra Nevada snowpack was estimated at 90 percent of average last week, or 10 times as much as in late March 2015.
Drought ratings in Northern California ranged from abnormally dry on the coast to moderate drought inland, while Central California remained locked in extreme to exceptional drought at mid-month. Drought conditions in Southern California, which did not see as much precipitation in recent weeks, ranged from moderate to extreme last week.
State water officials reported last week that some major farm districts in Northern California and in the Metropolitan Water District of Southern California can expect to receive 45 percent of their demands this year, which is more than twice as much as last year. The federal government’s Central Valley Project reported last week that there is enough snowpack in the southern Sierra to deliver a 30 percent allocation to agricultural customers in the Friant region of the San Joaquin Valley. Most Central Valley Project customers received no water from the project in 2014 and 2015.
Sources reported brisk movement of dry blends across the state, although applications on rice acreage in the Sacramento Valley are still probably three weeks away. “Spring is off to a slow start with the cool weather and rain that we are getting, but that’s a good thing,” said one source.
Pacific Northwest: Wet weather slowed spring fieldwork across the Pacific Northwest in late March. Significant snowfall was reported at higher elevations in Montana and Idaho at midweek, while sources in parts of Washington and Oregon reported rainfall and windy conditions.
“We had a good beginning in February, but March has been different,” said one Washington source. “Every time growers get started again, Mother Nature shuts us down. Rain and wind have us about 7-10 days behind what is considered ‘normal’ for this time of year.”
Western Canada: Several sources reported snowy, blustery weather across much of Western Canada last week. A rain and snow mix was reported across southern Saskatchewan as the week progressed, while rainfall and gusty winds were reported along coastal areas of British Columbia.
The return of cooler temperatures and precipitation was welcome in the region after a February that was drier and warmer than usual. Sources said the cooler weather will hopefully prevent winter cereals from breaking dormancy too early, while the influx of precipitation improves the outlook for soil moisture heading into the spring planting season.