Prospects for a favorable trading week initially looked good in the 2011 soybean crop market with an 8 cent gain over the weekend to a Monday opening average of $14.12, but price quickly turned lower and never fully regained its midweek losses (Figure 1). The statewide average daily price fell to a low of $13.58 on Wednesday before moving higher on both Thursday and Friday to close at $13.74, a 30 cent decline overall from the prior week closing average. All fourteen reporting markets ended the week under $14.00. West Memphis had the highest individual market price of the week at $14.33 on Monday. Daily individual market low for the week was $13.32 at Jonesboro on Wednesday. Last day individual quotes across all state markets ranged from that $13.50 at Augusta to $13.99 reported at West Memphis. The closing price spread for the state widened from 44 cents on the previous Friday to 49 cents.
New Crop Booking Prices on the 2012 soybean crop surged 17 cents higher over the weekend and opened the week with a Monday statewide average of $13.08, but market price quickly moved lower such that even a strong late-week improvement could barely recover all of the losses (Figure 2). The new crop market descended to a weekly low of $12.61 on Wednesday before posting Thursday and Friday gains to finish at $12.92 on Friday, an overall 1 cent gain from the previous week closing price. High individual daily market quote for the week was at Old Town/Elaine with $13.26 on Monday. The lowest individual daily average during the week was $12.37 submitted on Wednesday at Jonesboro. The fourteen reporting markets ended the week with a range of 41 cents from the $12.68 low at Jonesboro to a high of $13.09 at Old Town/Elaine. West Memphis, at $13.07, and Helena at $13.05 were the only other markets closing the week above $13.00. The closing price range was unchanged from the previous week span.
(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.)