Grain Futures: As of 4:00 p.m. on Oct. 29, corn and wheat futures were higher compared to the week before, but soybeans were down.
Corn contracts for December 2015 clocked in at $3.80/bushel, up from the previous week’s $3.7825/bushel. March 2016 corn was $3.8975/bushel, an increase from $3.88/bushel the week before, while corn for December 2016 firmed to $4.065/bushel from the prior week’s $4.0225/bushel.
The November 2015 soybean price fell to $8.7875/bushel from the previous week’s $8.9875/bushel. Soybeans for January 2016 were $8.8025/bushel, down from $9.01/bushel the week before, while November 2016 soybeans slipped to $8.845/bushel from the prior week’s $8.9875/bushel.
Wheat for December 2015 was $4.8825/bushel, up from the previous week’s $4.755/bushel, while July 2016 wheat firmed to $5.2475/bushel from $5.1075/bushel the week before. Contracts for July 2017 wheat were listed at $5.74/bushel, up from $5.6325/bushel at last report.
Eastern Cornbelt: The remnants of Hurricane Patricia brought gusty winds and rainfall to parts of the Eastern Cornbelt during the final days of October, with up to 2 inches of rain reported in parts of Ohio at midweek. Wind advisories were in place for some locations, with 55 mph wind gusts reported along the southeastern shores of Lake Erie and Ontario.
The low pressure system also ushered in lower temperatures for some locations, with areas of wet snowfall reported in Wisconsin as the week progressed.
Harvest was progressing rapidly in the Eastern Cornbelt ahead of the precipitation. The corn harvest was estimated at 93 percent complete in Illinois by Oct. 25, compared with 76-82 percent in Indiana and Ohio. Progress in all three states was tracking well ahead of the average pace, with Ohio’s corn harvest pace running a full 30 percentage points ahead of normal.
The regional soybean harvest was also ahead of normal at 91-93 percent complete in the region by Oct. 25.
Western Cornbelt: The season’s first significant cold blast hit northwestern Iowa last week, with wind chills dropping into the 20s as a strong cold front brought gusty winds and heavy rains to some locations. More than two inches fell in some areas of Iowa, with 1.5 inches reported in Dubuque at midweek. High temperatures climbed back into the 50s in Iowa as the week progressed.
Missouri and Nebraska could have used some of that moisture. The Oct. 27 U.S. Drought Monitor showed abnormally dry to moderate drought conditions covering nearly all of the state, as well as all of western Nebraska.
The regional corn harvest surged to 94 percent complete in Missouri, 73 percent in Iowa, and 57 percent in Nebraska by Oct. 25. Progress in Iowa and Missouri continued to track ahead of the five-year average, with Iowa growers seeing a 21 percent jump from the previous week.
The soybean harvest was 90-92 percent complete in Iowa and Nebraska by Oct. 25, compared with 67 percent in Missouri. Missouri growers also had 60 percent of the cotton crop in the bin, up from 39 percent the week before. The regional sorghum harvest was 73 percent complete in Missouri and 55 percent complete in Nebraska by Oct. 25.
Northern Plains: Minnesota sources reported last week that fall applications were “picking up more speed every day,” although wet weather slowed the pace as the week advanced. The fall fieldwork pace was slower in the Dakotas. "Some fall fieldwork is underway, but not what we want,” said one North Dakota contact. “We will need a big November to catch up.”
Rain and gusty winds were reported in eastern Minnesota at midweek, along with much cooler temperatures. Sources even reported a wintry mix of rain a