The Arkansas 2012 cash soybean market started the week with a loud thud as it lost 37 cents over the weekend break and opened on Tuesday after the Veteran’s Day holiday with a statewide average of $14.14. A 13 cent recovery gain on Wednesday was given right back on Thursday and the market moved continually lower to close the week. The market closed on Friday with a statewide average of $13.95, a loss of 56 cents from the previous Friday closing average and the first daily average under $14.00 since June 22 (Figure 1). West Memphis posted the highest individual market price of the week with $14.69 on Wednesday. Daily individual low for the week was $13.53 at Augusta on Friday with $13.56 reported that same day at Jonesboro. Last day individual quotes ranged from the low of $13.53 at Augusta to a high of $14.28 at West Memphis. The quotes left the closing day price spread at 75 cents, a 3 cent expansion of the range recorded on the previous Friday.
Quotes on the 2012 crop for January 2013 delivery suffered losses over the weekend exceeding the cash market, losing 40 cents from the previous Friday close. Following the Veteran’s Day holiday on Monday, the Tuesday statewide average was $14.20 (Figure 2). Market price gained 12 cents on Tuesday before giving all of it back and more on Thursday with further losses on Friday. The Friday closing statewide average of $14.11 was a 49 cent loss from the previous Friday closing mark. High individual daily market quote for the week was $14.69 on Wednesday at West Memphis. The lowest individual daily average was $13.72 at Jonesboro on Thursday. Des Arc had the next lowest daily statewide market averages with $13.73 on Tuesday and $13.74 on Thursday. The last day of trading quotes ranged from a $13.83 low at Augusta to a high of $14.28 at West Memphis. These quotes left the statewide closing day price range at 45 cents, a 23 cent narrowing from the previous Friday spread and the second straight week with double-digit price losses. Also of concern was the number of reporting markets with only nine of the possible 14 markets submitting price quotes on Friday.
(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.)