A weekend gain of 5 cents plus some early week signs of price strengthening fell by the wayside quickly as Arkansas 2010 crop soybeans declined each of the final three trading days of the week and closed at $13.25 on Friday (Figure 1). The closing price left the market with a 32 cent cumulative loss compared to the previous Friday closing mark. Highest reported individual market daily average for the past week was $13.90 at Old Town/Elaine on Tuesday. All markets traded in the $13.00 to $13.90 range for the week. Lowest individual market daily average was $13.06 reported on Friday at Augusta. Last trading day quotes for the six Arkansas markets still providing old crop quotes were $13.06 to $13.46, adding one cent to the previous week gap to make the range 40 cents.
Forward booking prices for 2011 crop beans continued to closely mimic old crop markets and maintain the existing price differential. Over the weekend, new crop beans gained 6 cents opening on Monday at $13.39 (Figure 2). The market rose to its weekly high on Tuesday before entering a downward slide that continued through each remaining trading day of the week. The Friday close at $13.12 was the lowest such daily quote since July 7 and represented a 21 cent decline from the prior Friday closing price. Helena and Old Town/Elaine again topped all individual market quotes for the week, reaching $13.70 on Tuesday. Wynne, at $12.86 on Friday, had the lowest daily price quote of the week and was among four markets falling below $13.00 during the trading week. The price margin premium on cash market old crop beans over new crop booking prices narrowed by 50% to end the week at 12 cents, a decrease of 12 cents from the previous Friday closing gap.
(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.)