Moses Lake, WA 98837, USA

Ag markets proved rather volatile Wednesday morning

Corn futures followed wheat higher Wednesday morning. The corn market has bounced from technical support this week with a big assist from surging wheat prices. Wheat gains and talk of potential spring dryness in the U.S. and Black Sea appear to be boosting prices, but traders were probably encouraged by the reported drop in domestic ethanol inventories. May corn gained 2.0 cents to $4.8525/bushel around midsession Wednesday, while December added 2.0 to $4.8325. .

Talk of cancellations seems to depressing the soy complex. This morning’s crop report from CONAB (Brazil’s USDA counterpart) stated the current Brazilian bean crop at just 85.4 million tonnes, which seemed quite bullish. However, CBOT soybean and product prices sustained their big Tuesday night losses, which probably reflected a large drop in the Gulf basis and talk of Chinese cancellations of Brazilian export sales. May soybeans plunged 31.0 cents to $13.82/bushel late Wednesday morning, while May soyoil tumbled 0.39 cents to 43.36 cents/pound, and May soymeal dove $10.0 to $434.2/ton.

The wheat markets rallied again this morning. Wheat futures surged Tuesday and again Wednesday morning, with traders reportedly focusing upon dryness in the U.S. Plains. They also appear concerned about reduced prospects for Crimean spring wheat plantings and, of course, upon the touchy political situation in the Black Sea region. May CBOT wheat futures surged 20.0 cents to $6.79/bushel just before lunchtime Wednesday, while May KCBT wheat futures climbed 17.5 cents to $7.46 and May MWE futures ran up 18.75 to $7.2575.

Cattle futures are exhibiting modest strength. CME cattle prices have fluctuated around unchanged levels since plunging last Wednesday, which probably reflects industry uncertainty about short-term cash and wholesale prospects. However, beef prices have continued their March advance, thereby encouraging optimism about this week’s cash outlook. April cattle futures advanced 0.50 cents to 143.72 cents/pound in late Wednesday activity, while August bounced 0.37 cents to 134.40. Meanwhile, April feeder cattle moved up 0.52 cents to 176.10 cents/pound, and August rallied 0.47 to 178.27.

Profit taking has apparently entered the hog market. Hog futures continued their massive price spike Tuesday as cash and wholesale prices again led the way higher. Nevertheless, large CME premiums and extremely overbought conditions have seemingly triggered active selling today. Bulls have to worry about the sustainability of the advance. April hogs fell 0.80 cents to 116.30 cents/pound by late Wednesday morning, while June sagged 0.10 to 124.85.


  • Season to treat invasive Spartina starts in June May 16, 2018
    The Washington State Department of Agriculture (WSDA) will begin this year`s treatment season for Spartina on June 1 with the treatments continuing through November. Survey and eradication efforts of the aggressive, noxious weed will take place in multiple areas, including Grays Harbor, Hood Canal, Willapa Bay, Puget Sound, the north and west sides of the […]
  • Gypsy moth treatments begin in Kitsap and Pierce counties May 3, 2018
    The Washington State Department of Agriculture (WSDA) will conduct the first of three treatments to eradicate European gypsy moths next week. In total, WSDA will treat about 1,300 acres with Btk (Bacillus thuringiensis var. kurstaki), which is approved for use on organic food crops and has been safely used in previous gypsy moth eradication projects […]
  • Businesses will need new license endorsement to produce marijuana-infused edibles March 20, 2018
    OLYMPIA -- As of April 1, statutory authority to regulate the makers of marijuana edibles will be added to the administrative responsibilities of the Washington State Department of Agriculture (WSDA), a move that will require these businesses to apply for a special endorsement on their business licenses.
  • Public invited to review gypsy moth environmental documents March 7, 2018
    OLYMPIA – The Washington State Department of Agriculture (WSDA) is now accepting public comments on a proposed plan to eradicate gypsy moths at two sites in Western Washington totaling 1,300 acres.
  • WSDA prepared to enforce Brassica seed regulations February 26, 2018
    The Washington State Department of Agriculture (WSDA) is prepared to pursue legal action against Brassica seed growers who do not coordinate their growing locations with other growers. This has become an ongoing problem, especially in northwestern Washington counties, and is placing commercial seed growers at risk of cross-pollination, potentially reducing the value of their crops.