Grain Futures: As of 4:00 p.m. on March 31, soybean and wheat futures were higher compared to the week before, but corn was down.
Corn contracts for May 2016 clocked in at $3.515/bushel, a fall from the previous week’s $3.70/bushel. December 2016 corn slipped to $3.6875/bushel from $3.8725/bushel at last report, while corn for March 2017 was $3.7825/bushel, down from $3.955/bushel the week before.
The May 2016 soybean price rose slightly, to $9.1075/bushel from $9.105/bushel the week before. Soybeans for November 2016 were $9.2475/bushel, up from $9.2275/bushel at last report, and January 2017 soybeans firmed to $9.285/bushel from $9.265/bushel the week before.
Wheat for July 2016 was $4.87/bushel, up from the previous week’s $4.8275/bushel, while September 2016 wheat firmed to $5.01/bushel from $4.9625/bushel at last report. Contracts for July 2017 wheat were listed at $5.4625/bushel, up from $5.4025/bushel the week before.
Eastern Cornbelt: The final days of March brought an increasing chance of severe weather to much of the Eastern Cornbelt, with reports of strong thunderstorms moving through northern Illinois and northern and central Indiana as the week progressed.
Local news stories talked of powerful straight-line winds and hail in parts of the region on March 31, with cooler weather on tap for the first of April. Weekend weather forecasts said snow flurries were possible for northern Indiana and northern Ohio by April 1-2.
There were reports of some field activity between rains last week, although one Ohio source said growers in his trade area likely would be out of the field until early the following week due to wet conditions
Western Cornbelt: The Western Cornbelt was hit with multiple storms in late March. A round of severe weather rolled through central Nebraska on March 29, followed by 3-4 inches of snowfall in western Nebraska from Winter Storm Troy at midweek.
Thunderstorms were reported in Iowa and Missouri as well, with the worst weather – including large hail and damaging winds – observed in locations south of Interstate 80 on March 30-31. Hail was also reported in the St. Louis area at midweek.
Northern Plains: Back-to-back storms blanketed parts of the Northern Plains with snow in late March. Winter Storm Troy dropped several inches in western South Dakota on March 30, while parts of Minnesota collected 7-10 inches one week earlier.
There were reports of spotty fieldwork in the region last week, but North Dakota sources talked of a rain/snow mix at midweek that limited field activities to the southwestern part of the state. One North Dakota contact said most growers in his trade area are expecting to start somewhere between April 4-10, depending on weather and field conditions
Great Lakes: Great Lakes regional sources reported some fieldwork during the final days of March, but activity was limited due to wet conditions. “With the early loss of snow, there is fertilizer application when the weather is dry and none when it rains,” said one contact. “But some product is moving.”
Recent storms brought heavy snowfall to some areas of the region. A foot of snow fell in parts of Wisconsin from Winter Storm Selene on March 23, while Michigan sources reported up to 14 inches in some locations from the same storm. The final day of March brought thunderstorms to western Michigan, with reports of 60-mph wind gusts and hail in some areas.
Sources said they remain optimistic about spring fertilizer volumes. “We are encouraged that if farmers can afford it, they will be generous with their rates, especially potash,” said one contact last week.
Northeast: The Northeast has been weathering multiple storms since the start of spring. The first, Winter Storm Regis, brought 4-8 inches of snow to the Mid-Atlantic and New England regions on March 21, with nearly a foot reported in some parts of Maine.
The first days of April were expected to bring more snow to the region, and also much colder temperatures. Lows were forecast to fall to the 20s and 30s over the coming weekend, with wind chills dropping to the single digits in parts of the Northeast.
Sources reported only spotty fieldwork in the region last week, with many areas still too wet.