Arkansas 2010 crop soybeans began the past week with an encouraging 15 cent weekend gain to open at $13.37 and generally moved higher each day before closing on Friday at $13.56, a respectable 34 cent improvement from the previous Friday closing price (Figure 1). Highest reported individual market daily average for the past week was $13.69 at Old Town/Elaine on Friday with Helena following closely at $13.67. All markets traded in the $13.21 to $13.69 range for the week, a 17 cent narrowing from the prior week range. Lowest individual market daily average was $13.21 reported on Monday at Augusta. Last trading day quotes for the six Arkansas markets still providing old crop quotes were in the $13.40 to $13.69 range, one cent narrower than the previous week gap.
Forward booking prices for 2011 crop beans rose 16 cents over the weekend and opened on Monday at $13.27 (Figure 2). The market started slowly, but posted a sharp gain on Wednesday that it was able to maintain through the Friday close. Old Town/Elaine again topped all individual market quotes for the week, reaching $13.59 on Friday. West Memphis was second at one cent lower. Jonesboro reported the lowest daily average of the week with $13.09 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 10 cents, again 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.)