The 2011 soybean crop market price plunged 69 cents from the previous Friday closing mark to a $16.33 statewide average on Monday. Despite a strong Wednesday upsurge and a mild rally on Friday, the overall trend for the week was sharply lower. Market price closed Friday at $15.92, the lowest Friday closing average since July 6 (Figure 1). Old Town/Elaine had the highest individual market price of the week at $16.45 on Wednesday. Daily individual market low for the week was $15.63 at Augusta on Thursday. Last day individual quotes across the eight reporting state markets ranged from $15.69 at Augusta to $16.07 at Old Town/Elaine. Those quotes put the closing day price spread for the state at 38 cents, an 11 cent expansion from the previous Friday range.
The new crop and old crop markets are moving in close harmony as the final days for old crop quotes on the Arkansas Daily Grain Report approach. New crop booking price fell 59 cents over the weekend to a Monday statewide average of $16.40. A 29 cent loss in Tuesday trading was exactly offset by Wednesday gains, but further losses on Thursday could not be recovered in a mild Friday rally (Figure 2). The Friday closing average was $15.94, the lowest Friday closing price since July 13 and a $1.15 cent decline from the prior Friday closing mark. High individual daily market quote for the week was $16.62 at Helena on Wednesday. The lowest individual daily average was $15.67 at Jonesboro on Thursday. Last day individual market quotes ranged from the low at Jonesboro of $15.70 to a high of $16.18 at Helena. The range of last day prices expanded 4 cents to 48 cents, compared to the prior Friday price 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.)