The past trading week for the 2011 soybean crop opened with promise as statewide average price opened at $11.68 on Monday, 13 cents higher than the early holiday close on the prior Thursday (Figure 1). Tuesday reports pushed the average 22 cents higher before price began a downward slide to a Friday closing statewide average of $11.60. The closing statewide average mark was 5 cents over the previous week closing average. Highest reported individual market daily average for the week was $12.10 at Pendleton on Tuesday. Five markets exceeded the $12.00 mark on that day, but no other location had an above-$12.00 report during the week. Wynne reported the weekly low with $11.23 on both Thursday and Friday. Last weekly trading day quotes for the fourteen Arkansas markets ranged from $11.23 to $11.78 per bushel as the gap remained unchanged from the previous week.
Price movements on the 2011 crop for January delivery opened Monday with a statewide daily average of $11.81, a 14 cent loss from the previous Thursday closing mark. The statewide average price did not have a clear trend through the week, moving up and down within an overall 20 cent price range, before ending the week at an average of $11.71, a meager 2 cent gain for the week compared to the prior Thursday mark (Figure 2). Individual daily market quotes were topped by West Memphis at $12.17 on Tuesday. The NASS market report had the lowest individual daily average during the week as $11.12 reported on Tuesday at Osceola. Comparing market price movements at other locations and relative prices for each trading day, I suspect the price is a reporting error with the correct price being $12.12 on that day. If that is true, the actual low market price for the week would be $11.29 at Wynne on both Thursday and Friday. All markets finished the week under $11.85 with most being between that high and $11.71. The week-ending statewide average on Friday was $11.71, a quote pulled down by the Wynne price. The price margin for the January 2012 delivery market over the 2011 crop cash market continued to shrink, narrowing to 11 cents, a 3 cent contraction from the previous 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.)