Forward booking prices for 2011 crop beans showed early promise for the week with a 15 cent weekend gain to open at $13.27 on Monday. Forward beans remained basically steady until a 12 cent Wednesday drop to the $13.14 daily low of the week, but recovered the next two days to close on Friday at $13.31 (Figure 2). The closing price for the week was a 19 cent gain over the prior Friday closing mark. West Memphis had the highest individual market quote of the week at $13.56 on Friday. No other individual market exceeded $13.45 during the entire week. The lowest price of the week was $12.93 at Wynne on Wednesday with Augusta posting $12.95. These two location quotes were the only market reports in the state under the $13.00 level during the week. The price margin premium on cash market old crop beans over new crop booking prices narrowed for the third straight week, falling dramatically from a 35 cent interval to only 14 cents, a 21 cent decrease from the previous week interval and primarily due to new crop price gains.
(Market average prices stated in this report are unweighted averages of the state markets surveyed by NASS. Price data was based on USDA LR GR111 Arkansas Daily Grain Reports.)