Grain Futures: As of 4:00 p.m. on March 3, wheat futures were higher compared to the week before, corn futures were lower, and soybeans were mixed.
Corn for May 2016 was $3.565/bushel, down from $3.605/bushel at last report. The December 2016 price for corn fell to $3.755/bushel from $3.7975/bushel the week before, while trading of March 2017 corn contracts checked in at $3.8425/bushel.
The May 2016 soybean price was $8.6375/bushel, down from $8.655/bushel at last report. Soybeans for November 2016 were $8.78/bushel, up slightly from the previous week’s $8.7675/bushel, while soybeans for January 2017 were posted at $8.8375/bushel.
Wheat for July 2016 was $4.7575/bushel, up from the prior week’s $4.675/bushel. September 2016 wheat firmed to $4.89/bushel from $4.8075/bushel the week before, while July 2017 wheat contracts traded at $5.3525/bushel.
Eastern Cornbelt: Another winter weather advisory was in effect for northern Illinois as the week progressed, but only 1-2 inches of snow was reported in the Chicago area and in parts of northwestern Indiana. Earlier in the week, rainfall was reported in western and central Indiana.
Western Cornbelt: A mix of rain and snow across northern Iowa at midweek left up to four inches of new accumulation in some northeastern areas of the state, and officially pushed Iowa into the record books for posting the wettest winter in more than 100 years. The state collected 6.5 inches of precipitation from December through February, nearly double the seasonal average of 3.3 inches.
The rest of the region reported generally mild weather conditions in early March, which fueled a heavy preplant ammonia application pace in parts of Missouri and Nebraska. “We have been selling product, and yes, it has been pretty active,” said one regional contact on March 3.
California: California was bracing for a series of powerful Pacific storms in early March, with the first round expected to bring heavy rain, mountain snow, and gusty winds on March 4-6.
Sources said the moisture is needed after a dry February, but there were fears that heavy precipitation could unleash flash floods and mudslides in the state. Weekend rainfall was expected to total an inch or more in northern and central California, while several inches was likely in the Sierra foothills and coastal range locations. Up to two feet of snow was likely at higher elevations in the Sierra Nevada, along with 60-80 mph wind gusts.
Southern California was also expecting weekend rains from the storm. The extended forecast showed as much as six feet of snow falling at higher elevations across the state over the first two weeks of March.
Sources said field activities were picking up in the state, with reports of dry blends moving briskly on nut trees that are now in full bloom. However, some regional contacts continued to report “uncertainty in the market over the very dry conditions and how much water will be available for irrigation.”
One source said some locations are having a hard time keeping up with demand, but others said it is still early enough in the season that supply and transportation issues are minimal. “This has the potential to get worse, however, as the season feels like it is getting a bit more compressed compared to the last couple of years,” said one regional contact.
Pacific Northwest: Coastal areas of Oregon reported heavy rain and gusty winds in early March. A winter weather advisory was also issued for northeastern Montana early in the week. Mountain snowpack generally remained at normal or slightly above-normal levels in the region, despite a warm and dry February.
Most locations in the Pacific Northwest experienced steadily warmer weather during the first days of March, which launched some field activities. “Fieldwork is very active, spring is here with potatoes and onions already going in the ground,” said one Washington source. “At the same time, we are topdressing wheat and are expecting the irrigation water to turn on next week, and UAN should start going through the pivots.”
Western Canada: While coastal areas of British Columbia were wet in early March, much of Western Canada remained unseasonably warm and dry in early March. One Saskatchewan source said his location received 6-8 inches of snow in late February, but warm weather returned during the first days of March.
The mild weather continues a trend, with Southern Saskatchewan setting numerous warm temperature records in February. Canada’s Weather Network said on March 1 that the dry conditions should persist in Western Canada through the spring planting season.
As a result, Manitoba’s latest flood forecast shows a “relatively low risk” of serious flooding in the province, citing less frost in the soil and less snow on the ground. Efforts were already underway to break up ice on the Red River, and sources said dikes along the Assiniboine River should be able to hold under the current forecast.
Several dealers said they were prepared for an early start to the spring planting season in Western Canada, but most said they don’t expect much activity until the first days of April or late March at the earliest.