BY BOB STARK, AGRICULTURAL ECONOMIST, and JEREMY ROSS, SOYBEAN AGRONOMIST, ON SEPTEMBER 2, 2011
SOYBEAN NOTES is a weekly newsletter focusing on all aspects of Arkansas soybean news. This market economics component looks at cash market and forward pricing quotes from selected markets as reported to National Agricultural Statistics Service in Arkansas.
Forward booking prices for 2011 crop beans again perfectly matched the old crop weekend price movement with a 23 cent gain and opened on Monday at a $14.18 day average (Figure 2). The new crop market gained 9 cents on Tuesday before starting a downward slide that took market price to a weekly low of $13.98 on Thursday before reclaiming 9 cents in the final day of trading to close the week at $14.07. The closing day average represented a 12 cent improvement over the previous Friday closing price. Old Town/Elaine topped all individual market quotes for the week, reaching $14.42 on Tuesday. Eight reporting markets closed the week at or above the $14.00 mark with West Memphis not providing new crop quotes after Tuesday. Jonesboro and Augusta had the lowest daily average of the week with $13.83 on Thursday. The price margin premium on cash market old crop beans over new crop booking prices narrowed 10 cents during the week to just a 3 cent gap with old crop at $14.10 and new crop at $14.07.
(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.)