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22
Nov
2011
Soybean Cash Market and Forward Booking Prices – Nov. 14-18, 2011
Author: Bob Stark, Agricultural Economist

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.

AR 2011 Crop Soybean Cash Market Prices (Nov. 14-18, 2011)

Fig. 1

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.

AR 2011 Crop Soybean Booking Prices - January 2012 Delivery (Nov. 14-18, 2011)

Fig. 2

(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.)


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