A 21 cent weekend gain over May 11-12 set the Arkansas 2012 cash soybean market up for a Monday opening average of $14.63 to begin this two week report period. After a mild decline to open the first week, the market posted daily gains through the period until suffering a major 29 cent correction to close on Friday, May 24, at $15.08 (Figure 1). Even with the correction, the market had an overall 66 cent gain for the two week period. The market has now produced six weeks of gains on old crop beans over the past seven weeks. Highest individual daily market price reported over the two weeks was $15.64 at Old Town/Elaine on Wednesday, May 22. Low individual daily price of the period was $14.16 on Wednesday, May 15, at Jonesboro. The lowest individual daily price of the second week was $14.58 at Pine Bluff on Tuesday. Individual market quotes on the last trading day found only three markets below the $15.00 level. Prices ranged from a low of $14.79 at Jonesboro with Augusta at $14.80 and Des Arc at $14.81 to a high of $15.26 at both West Memphis and Old Town/Elaine. The closing day price spread was 47 cents, a substantial decrease from the 82 cent gap on both previous Fridays.
Volatility in the New Crop Soybean Market was about half of that in the old crop market. The past two weeks saw new crop beans follow a modest but steady upward trend from the $12.08 statewide average on May 13 to the period high of $12.47 on Friday, May 24 (Figure 2). The Friday average represented a 43 cent improvement over the Friday close on May 10. High individual daily market average for the two weeks was $12.67 at West Memphis on Friday, May 24. The low market of the period was reported from Augusta on Monday, May 13, at $11.82. The last day of trading quotes across state markets found all of the fourteen markets above the $12.00 level. Ending prices for the week ranged from the $12.19 low at Augusta to a high of $12.67 at West Memphis. These quotes left the statewide closing day price range at 48 cents, a 2 cent expansion from the end-week gap of two weeks ago.
(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.)