The July 11-22 period for Arkansas 2010 crop soybean markets saw no price change across the July 9-10 weekend and markets opened at $13.56 (Figure 1). The market gained ground each trading day of the first week before losing momentum and trending slightly lower throughout the second week. The period closed on Friday, July 22 at a closing mark of $13.82, an overall gain of 26 cents from the July 8 closing price. Highest reported individual market daily average for the two-week period was $14.13 on both July 21 and 22 at Old Town/Elaine. No other market ended the period above $13.90. Lowest individual market daily average for the period was on Monday, July 11 in Augusta at $13.33. Wynne reported a $13.38 average on the same day and no other market had a day less than $13.44 during the period. Last trading day quotes for all Arkansas reporting markets were $13.54 to $14.13, widening the range to 59 cents from the 39 cent gap seen prior to this reporting period.
Forward booking prices for 2011 crop beans gained 1 cent over the July 9-10 weekend, opening on Monday, July 11, at $13.22 (Figure 2). The market saw gains each trading day of the first week in this period before leveling off and finishing the period at $13.64, a 43 cent improvement from the Friday July 8 closing price. Helena topped all individual market quotes for the two-week reporting period, reaching $13.82 on Thursday, July 21. Helena was the only market that exceeded the $13.80 level anytime during the past two weeks of trading. Wynne, at $12.97 on July 11, had the lowest daily price quote of the two-week period and was the only market with a sub-$13.00 daily price during the time period. The price margin premium on cash market old crop beans over new crop booking prices fell to 18 cents to end the two-week period, a decrease of 17 cents from the July 8 Friday closing gap.
NOTE: No July 15 issue of SOYBEAN NOTES ECONOMICS was published since the author was in Washington, D.C. to attend the 66th Annual Conference of the Soil & Water Conservation Society. Two connected items should be noted up front on this issue. First, the price charts represent soybean price quote movements across two weeks (July 11-22). Similarly, the text describes highs, lows, and averages for the full two-week period instead of the usual single week of trading. The usual one-week trading report will resume for the week ending July 29.
(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.)