Trading in the Arkansas 2011 soybean crop opened with a 5 cent higher average on Monday, survived a midweek drop in price, and rebounded to close the week with overall gains (Figure 1). The market average on Monday was $11.18 and moved still higher on Tuesday before falling sharply to $11.05 on Wednesday. The market climbed higher on each of the remaining trading days to a closing statewide daily average of $11.35 on Friday, a 22 cent rise from the previous week closing average. Highest reported individual market daily average for the week was $11.55 at Old Town/Elaine on Friday with Osceola one cent less and West Memphis and Helena at $11.53. Individual low for the week was $10.70 on Wednesday in Wynne. All reporting markets ended the week with Friday averages above $11.00. Last weekly trading day quotes for all markets ranged from $11.00 to $11.55 per bushel as the gap narrowed another 2 cents from the previous week range.
Price movements on the 2011 crop for January delivery remained slightly above the cash market price level while the movement path was similar (Figure 2). The Monday statewide average of $11.25 was 5 cents above the prior Friday closing mark. The January market had further gains on Tuesday before a sharp Wednesday decline to $11.12. The market moved higher over the remaining two days of trading to a closing statewide average on Friday of $11.41, a 21 cent rise from the prior Friday mark. Individual daily market quotes were lead by Old Town/Elaine at $11.57 on Friday with Blytheville, West Memphis, Helena, and Osceola all within 5 cents of the top. Lowest individual daily average during the week was $10.70 at Wynne on Wednesday. All markets ended the week at or above $11.00. The price margin for the January 2012 delivery market over the 2011 crop cash market fell 1 cent to 6 cents, $11.41 to 11.35, the third consecutive week where the January vs. Cash price gap narrowed.
(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.)