The week began with a weekend crash as Arkansas 2010 crop soybeans lost 26 cents and opened the week at $12.99. Fears continued as market price slipped lower through Wednesday trading before catching a strong upsurge to a Friday close of $13.22, a net 3 cent loss from the previous Friday closing mark (Figure 1). Highest reported individual market daily average for the past week was $13.35 at Old Town/Elaine on Friday with Helena following closely at $13.32. All markets traded in the $12.70 to $13.35 range for the week, a 25 cent narrowing from the 90 cent range of the previous week. Lowest individual market daily average was $12.70 reported on Tuesday at Augusta. Last trading day quotes for the six Arkansas markets still providing old crop quotes were in the $13.05 to $13.35 range, 10 cents narrower than the previous week gap.
Forward booking prices for 2011 crop beans fell 23 cents over the weekend and opened on Monday at $12.89 (Figure 2). The Monday price represented the first time that a New Crop daily average was under $13.00 since July 6. The market slid lower before leveling off on Wednesday. Price than began to climb sharply, reaching the high daily price of the week on Friday at $13.11 left the market with only a single penny overall loss for the week. Old Town/Elaine again topped all individual market quotes for the week, reaching $13.25 on Friday. West Memphis was second at one cent lower. Jonesboro reported the lowest daily average of the week with $12.59 on Tuesday. The price margin premium on cash market old crop beans over new crop booking prices narrowed by another cent to end the week at 11 cents, the smallest differential seen thus far in 2011.
(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.)