Grain Futures: As of 4 p.m. on March 26, corn and soybean futures were higher compared to the previous week, but wheat was down.
Corn for May 2015 was $3.9125/bushel, up from $3.735/bushel the week before. The July 2015 price of corn was $3.9925/bushel, up from the prior week’s $3.815/bushel, while trading of December 2015 corn contracts checked in at $4.1475/bushel, a rise from $3.99/bushel the week before.
The May 2015 soybean price was $9.745/bushel, up from the previous week’s $9.6175/bushel. Soybeans for July 2015 were put at $9.7875/bushel, up from $9.6675/bushel at last report, while soybeans for November 2015 firmed to $9.5525/bushel from the prior week’s $9.4625/bushel.
Wheat for May 2015 was $4.9925/bushel, down from the prior week’s $5.12/bushel. July 2015 wheat was also down, at $5.0475/bushel from $5.1575/bushel the week before. September 2015 wheat contracts traded at $5.1425/bushel, down from $5.2475/bushel one week earlier.
Eastern Cornbelt: Wet weather continued to slow spring fieldwork across much of the Eastern Cornbelt last week. Last week’s moisture included a dusting of snow in northern Illinois, with much heavier amounts reported in parts of Wisconsin.
An Illinois contact said his area saw “small movement” of preplant ammonia, phosphates, and potash early in the week, but 1-3 inches of rainfall as the week progressed left standing water in many fields. “Most of our area was within a week of field application starting,” he added.
Western Cornbelt: Sources continued to report spring fieldwork in areas of the Western Cornbelt where weather conditions allowed it. Parts of Iowa endured another round of cold, wet weather, however, with up to 11 inches of snow reported early in the week at Decorah. Heavy snows were also reported in parts of Minnesota on March 23.
Preplant applications continued in Nebraska and Missouri, while Iowa sources reported some activity on light ground. One Iowa contact said most of the application activity last week was on pastures, however, as rains left many fields too muddy.
California: The unusually dry winter in California has taken a toll on the state’s water supply for the coming crop year. Authorities reported that snowpack levels statewide were just 9 percent of average as of March 23, a record low.
California relies on the Sierra Nevada snowpack for up to a third of its water supply. Snow levels in the central and southern Sierra Nevada were at 10 percent of average by March 23, while the northern Sierra Nevada was at seven percent of average.
As a result of the crippling drought, California Gov. Jerry Brown on March 20 unveiled a $1 billion relief plan aimed at funding water recycling, desalination, and flood prevention in the state. The plan follows more than $600 million in drought relief efforts funded in California in 2014, and was accompanied by another round of tightening water restrictions for municipalities across the state.
Despite the ominous water outlook, regional sources reported brisk fertilizer sales and movement in late March, with one commenting that the season was probably at least two weeks ahead of normal after an early start.
Pacific Northwest: The first days of spring brought heavy snowfall to the Cascades in southern Washington and Oregon, along with rain and windy conditions in the valleys. A wintry mix of precipitation was also reported in northern Idaho and western Montana as the week advanced. Much warmer weather was in store for the weekend, however.
The spring season broke early in some parts of the Pacific Northwest, and sources continued to report brisk fertilizer demand in parts of Washington, Oregon, and Idaho last week. Plan