The 2011 soybean crop statewide average price fell 9 cents over the weekend to a Monday average of $12.03 (Figure 1). A continued price decline was seen on Tuesday before the market began climbing to a weekly high of $12.18 on Thursday. A decline on Friday left the statewide average at $12.12 per bushel, unchanged from the previous Friday average trading price. Highest reported individual market daily average for the uneven week was $12.37 at both Pendleton and Old Town/Elaine on Thursday. Wynne reported the weekly low with $11.49 on both Tuesday and Wednesday. Twelve of the fourteen reporting markets were above $12.00 to close the week with Jonesboro just under at $11.97. Last weekly trading day quotes for the fourteen Arkansas markets ranged from $11.67 to $12.31 per bushel as the gap widened by 5 cents.
The new market price quotations on the 2011 crop for January delivery opened Monday with a statewide daily average of $12.23, a 9 cent loss from the previous Friday closing mark. January delivery beans had similar losses to the cash market early in the week, but failed to make a comparable rally with the Friday closing average at $12.25, a 7 cent loss for the week compared to the prior Friday mark (Figure 2). The individual daily market quotes were topped by West Memphis and Old Town/Elaine at $12.47 on Thursday. The lowest individual daily average during the week was $11.55 reported on both Tuesday and Wednesday at Wynne. The Wynne market again finished the week as the only market under $12.00 with an $11.73 daily average on Friday. The price margin for the January 2012 delivery market over the 2011 crop cash market continued to fall, shrinking to 13 cents after a gap of 20 cents last week.
(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.)