The Arkansas 2011 soybean crop market entered February with a strong week of trading that saw prices gain every trading day after a 32 cent drop over the weekend break to an opening Monday average of $11.86. Prices rose every trading day and closed the week on Friday at a $12.44, an overall gain of 16 cents from the previous Friday closing average (Figure 1). Highest reported individual market daily average during the week was $12.65 at Helena on Friday. Blytheville and Osceola were right behind at $12.64 and Old Town/Elaine and West Memphis averaged $12.63 to end the week. Individual market daily low for the week was $11.64 at Jonesboro on Monday. Last day individual trading quotes across all reporting markets ranged from $12.12 at Jonesboro to $12.65 per bushel at Helena as the spread narrowed sharply from 61 cents to 53 cents, the first week of decline after three straight ones with expansion.
The New Crop Booking Prices on the 2012 soybean crop fell only 16 cents over the weekend, posted gains every day, and ended the week with a larger overall gain than the old crop cash market (Figure 2). The market opening day average was $11.88, 16 cents under the previous Friday closing average. Daily quotes climbed to a weekly high mark of $12.28 on Friday, the second straight week with a 24 cent overall improvement from the previous Friday closing price. Individual daily market quotes were led by Helena at $12.47 on Friday followed by West Memphis at $12.45 and Old Town/Elaine at $12.42. No other individual markets cracked the $12.40 level at any time during the week. A notable change was the reporting of market quotes from fourteen individual markets, up from the nine markets that had been quoted since new crop bookings began on January 3. Lowest individual daily average during the week was $11.59 on Monday at Jonesboro. All markets ended the week above $12.00 with a price range from $12.03 at Jonesboro to the $12.47 at West Memphis. The 44 cent range represented an 8 cent decrease from the previous week closing day.
(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.)