The 2011 soybean crop market opened the past week with an 8 cent gain from the previous Friday close at $13.74 and moved sharply higher to a $14.37 average on Wednesday before leveling off in the remaining days (Figure 1). The statewide average daily price closed on Friday at $14.33, a 67 cent increase from the prior week closing average and the highest closing day average since May 4. All fourteen reporting markets ended the week above the $14.00 level. West Memphis had the highest individual market price of the week at $14.75 on Wednesday. Daily individual market low for the week was $13.43 at Jonesboro on Monday. Last day individual quotes across all state markets ranged from $14.02 at Jonesboro to the $14.68 reported at both West Memphis and Old Town/Elaine. The closing day price spread for the state narrowed to 66 cents, 5 cents less than the previous Friday.
Fig. 1
New Crop Booking Price movements on the 2012 soybean crop were more erratic than the old crop market after gaining 25 cents over the weekend to open at $13.42 on Monday. Prices moved up further on both Tuesday and Wednesday to a mid-week high of $14.01, but then were up and down through the remaining trading days. The market average on Friday posted a closing average of $13.81 (Figure 2). The new crop market finish represented an overall 64 cent gain from the previous week closing price. High individual daily market quote for the week was at $14.16 at both Old Town/Elaine and West Memphis with Helena just one cent lower. The lowest individual daily average during the week was $13.23 submitted on Monday at Jonesboro with Wynne at $13.24. The fourteen reporting markets all ended the week at or above $13.00 for the first time since May 11. The closing day range of market prices was 37 cents from the $13.60 low at Jonesboro to a high of $13.97 at Helena, a change of one cent narrower compared to the previous week.
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.)
