The 2011 crop soybean market seemed to reach a stable level during the past week after three consecutive weeks of decline. The Monday average was $11.33, a one cent increase from the prior week closing day price (Figure 1). Market price moved 14 cents lower on Tuesday and remained fairly steady through the remainder of the week. The Friday closing average was $11.21 per bushel, 11 cents under the previous Friday average trading price. Highest reported individual market daily average for the week was $11.86 at Old Town/Elaine due to a sudden local increase on Thursday. The reason for strength at this single market is unclear since no other state market exceeded $11.43 at any time in the week. The lowest individual market daily average fell under $11.00 with Jonesboro reporting $10.96 on Tuesday. Jonesboro was the only state market with a daily report under $11.00 and the only one finishing the week there with $10.98 on Friday. Last trading day quotes for the thirteen Arkansas markets providing 2011 crop quotes generally ranged from $10.98 to $11.36 with Old Town/Elaine at $11.80.
The new market price quotations on the 2011 crop for January delivery opened Monday with a statewide average of $11.77, stabilized mid-week at the $11.65-$11.66 level, and dropped to a Friday closing average of $11.60 (Figure 2). Helena topped the state with an average price of $11.95 on Monday. Blytheville, Old Town/Elaine, Osceola, and Little Rock followed by 6 to 8 cents on the same day. The lowest individual daily average during the week was $11.09 on Friday at Wynne. Quotes on the 2011 crop for January 2012 delivery will continue to be reported through December 31.
(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.)