SOYBEAN NOTES is a weekly newsletter focusing on all aspects of Arkansas soybean news. This market economics component looks at cash market & forward pricing quotes from selected markets as reported to National Agricultural Statistics Service in Arkansas.
“Down and down she goes and where she stops nobody knows.” This derivation of the familiar county fair carnival chant applied well to the past week of 2011 soybean crop trading. The Monday average was $12.80, the first sub-$13.00 day since August 10 and 20 cents lower than the previous Friday statewide average (Figure 1). Market price regained four cents on Tuesday before declining each remaining day of the week. The Friday closing average was $12.07 per bushel, 93 cents under the previous Friday average trading price. The highest reported individual market daily average for the week was $12.98 at Old Town/Elaine on Tuesday. This week was the first to have no individual market day over $13.00 since November, 2010. The lowest individual market daily average fell under $12.00 with Augusta at $11.91 on Friday. Last trading day quotes for the seven Arkansas markets still providing old crop quotes was $11.91 to $12.23. The overall closing price range widened by four cents compared to the previous week gap.