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The nation's top soft white wheat-producing state and a major apple, potato, and hop state with pacific rim export access.
Soybeans are planted in Washington from mid-May through mid-June. Unlike corn, soybeans are most weather-sensitive during pod-fill in late July and August. China export demand is the dominant fundamental driver of soybean prices.
Understanding Washington Soybeans Basis
Washington wheat basis runs 10–30¢ negative relative to CBOT, but SWW carries a significant premium over HRW due to different market use. Pacific export demand is the dominant pricing factor.
When and how to use basis in your marketing plan: Washington soybean producers should watch the USDA FAS weekly export sales report (released every Thursday at 8:30am ET) for real-time signals on Chinese buying activity, which directly impacts local elevator bids within 24–48 hours.
What Drives Washington Soybeans Prices
- CBOT ZS Futures: The national price benchmark. Local cash prices = futures + basis. Watch nearby and deferred futures spreads (carry structure) to determine whether the market is rewarding or penalizing storage.
- USDA FAS Export Sales: Released every Thursday at 8:30am ET. Strong export commitments — especially to China — typically move futures and local bids within 24 hours.
- CFTC COT Positioning: Large speculative funds (managed money) net position in ZS futures is a 2–4 week leading indicator of price direction. Extreme net-short positions often precede short-covering rallies.
- USDA WASDE Report: Monthly supply/demand revision. Carryout-to-use ratio changes of more than 5% typically move prices $0.10–$0.30/bu within minutes of the noon ET release.
- Weather: Drought stress (NOAA Drought Monitor D2+) during critical growth stages is historically the largest single-day market mover. Washington producers should track Corn Belt drought coverage weekly May–August.