Grain Futures: As of 4:00 p.m. on March 10, corn, soybean, and wheat futures were higher compared to the week before.
Corn contracts for May 2016 clocked in at $3.6275/bushel, up from the previous week’s $3.565/bushel. December 2016 corn firmed to $3.81/bushel from $3.755/bushel the week before, while corn for March 2017 was $3.8975/bushel, up from $3.8425/bushel at last report.
The May 2016 soybean price rose to $8.8925/bushel from $8.6375/bushel a week earlier. Soybeans for November 2016 were $9.0075/bushel, up from $8.78/bushel, and January 2017 soybeans were posted at $9.0525/bushel, compared with $8.8375/bushel the week before.
Wheat for July 2016 was $4.8325/bushel, up from the previous week’s $4.7575/bushel, and September 2016 wheat firmed to $5.06/bushel from $4.89/bushel at last report. Contracts for July 2017 wheat were listed at $5.51/bushel, up from $5.3525/bushel the week before.
Eastern Cornbelt: Although conditions were wet in many parts of the Eastern Cornbelt, sources reported much warmer temperatures and renewed buying interest from dealers and growers.
Ohio sources reported midweek temperatures in the 60s and 70s, prompting one source to comment that prospects for an early start to spring fieldwork “look good here.” Illinois sources also talked of “warmer weather on the way,” but fieldwork was spotty last week due to frequent showers and muddy field conditions.
Western Cornbelt: Warm weather in the Western Cornbelt helped spur additional preplant work during the second week of March, with sources reporting heavy fertilizer movement taking place in Missouri and parts of Iowa and Nebraska.
One source said fieldwork was just starting in southwestern Iowa at midweek, but a favorable forecast would allow growers in a much broader geography to get going “during the next two days.” A Missouri contact said his area was “running as hard as we can go,” with strong demand straining fertilizer supplies. He saw little chance of a break in the coming weeks, with temperatures expected to reach the 80s in his trade area at mid-month.
Activities were generally focused on field preparation, with minimal planting taking place at this early stage. “There appears to be strong interest in more corn acres for the 2016 crop,” said one regional contact. “This will generate a strong demand for nitrogen, as I’ve predicted all winter. P and K, not so much.”
Northern Plains: The Northern Plains continued to enjoy unseasonably warm temperatures in early March. While some North Dakota sources noted that it is still “way too early” for any significant fieldwork in the region, others reported “a little tillage” going on in their trade areas.
“All the frost is reportedly gone in most of North Dakota, and many people have been saying 7-10 days until spring is starting,” said one regional contact. “I am a little skeptical because we’re supposed to be in the lower 40s next week, but we will see.”
The region’s warming trend resulted in a number of temperature records, including 73 degrees in Bismarck, N.D., and Mobridge, S.D., on Feb. 27, more than 40 degrees warmer than the average temperature for those two locations on that date. Other recent temperature records included 70 degrees in Minneapolis on March 8, and 66 degrees in St. Cloud on the same date.
Northeast: Warmer temperatures were reported in much of the Northeast in early March after a cold and snowy February. A Pennsylvania source reported 70-degree temperatures in his trade area as the week advanced, with growers hoping to start topdressing wheat later this month.
Parts of New England also posted record high temperatures on March 9, including Boston at 77 degrees.
Eastern Canada: Spring-like temperatures settled across much of Eastern Canada during the week, with highs nearly reaching the 20s C in parts of southern Ontario on March 8. The warming trend was followed by rainfall as the week advanced.
“It is 60 degrees here and I saw my first farmer out working the fields yesterday,” reported one regional source on March 9. “Mind you, he was a Mennonite and it was a single furrow plough behind a horse on less than an acre, but it still qualifies.”
The warm weather had many planning for an early start to spring planting. “Yep, it will be early here,” said one contact. “Let’s hope Mother Nature doesn’t drop a nasty surprise on us all in April.” As several noted, the warm spell came just one week after a powerful winter storm brought strong winds, freezing rain, and 15-30 centimeters of snow in a wide band from southern Ontario to northwestern New Brunswick.