The 2011 soybean crop market price fell 19 cents over August 25-26 and opened on Monday, August 27, at $17.27. The next week saw the market moving mostly upward to an effective top of $17.67 that held over the weekend prior to Labor Day before entering a sharply downward week following Labor Day to a statewide average low of $17.17 on the last trading day (Figure 1). The closing average represented a 29 cent decline from the August 24 Friday closing average. During the two week period, Helena had the highest individual market price of the week at $17.83 on Tuesday following Labor Day. Daily individual market low for the week was $16.93 at Augusta on the last Friday. Last day individual quotes across the eight reporting state markets ranged from $17.30 at Helena to the $16.93 at Augusta. Those quotes put the closing day price spread for the state at 37 cents, a 4 cent narrowing from the two-week previous Friday range.
The old crop pattern of a week up and a week down also appeared in the new crop booking price. A 14 cent loss over the August 25-26 weekend was followed by a climb to $17.65 on the Tuesday following Labor Day. The new crop market then proceeded to lose 44 cents to a closing Friday average of $17.21, a 13 cent fall from the August 24 Friday closing price (Figure 2). High individual daily market quote for the two-week period was $17.82 at Helena on Tuesday following Labor Day. The lowest individual daily average during the week was $16.93 at Augusta on Monday, August 27. The closing day market price low was $16.94 at Augusta. The closing day high was the $17.37 at Helena. The range of last day prices narrowed 1 cent to 43 cents, compared to the August 24 Friday spread.
(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.)