The Arkansas cash soybean market initially followed its track of the previous week by declining 13 cents over the weekend and opened on Monday at $13.67 (Figure 1). Unlike the previous week, old crop price slowly sank through most of the remaining week, reaching a low of $13.46 on Thursday before regaining 29 cents in a Friday rally. Gains on the final day of trade still left the market 5 cents under the previous Friday close as the market ended trading at $13.75. High individual market daily average for the week was $13.91 at West Memphis on Friday with both Blytheville and Osceola at $13.90 and Helena at $13.89. The lowest individual market daily average was on Thursday with $13.28 reported at both Jonesboro and Wheatley.
Forward booking prices for 2011 crop beans did not closely mimicked old crop price movements as they lost only 3 cents over the weekend and opened trading on Monday at $13.64 (Figure 2). Price moved steadily lower each day through Thursday before having a 27 cent rebound to close the week at $13.66, an overall 2 cent gain from the previous Friday closing mark. West Memphis had the highest individual market quote of the week at $13.88 on Friday. Five other individual markets were at or above $13.74 to end the week. Lowest daily price quote of the week came from Augusta on Thursday with a price of $13.17. No other market fell below $13.26 on any day. The price margin premium on cash market old crop beans over new crop booking prices narrowed for the fifth straight week, falling out of double figures to only a 9 cent price interval.
(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.)