The extended Memorial Day weekend boosted the Arkansas 2012 cash soybean market by 30 cents to a Tuesday opening average of $15.38. The short week of trading saw the market decline modestly through each trading day before posting a sharp rebound back to the $15.38 level to close on Friday (Figure 1). The market had an overall 30 cent gain for the shortened week compared to the previous Friday closing average. The market has now produced seven weeks of gains on old crop beans over the past eight weeks of trading. Highest individual daily market price reported over the week was $15.55 at Pine Bluff on Friday. Low individual daily price of the period was $14.95 on Thursday at Augusta. Individual market quotes on the last trading day found all markets above the $15.00 level. Prices ranged from a low of $15.09 at Augusta to the $15.55 high at Pine Bluff. The closing day price spread was 46 cents, just a one penny decrease from previous Friday margin.
The New Crop Soybean Market was uneventful for most of this shortened trading week before rallying on Friday. A 41 cent gain over the extended holiday weekend was sustained through the short week and the Friday rally moved new crop beans above the $13.00 level for the first time since February 7 of this year. The Friday closing price mark was a $13.05 statewide average and represented a 58 cent improvement over the previous Friday close (Figure 2). High individual daily market average for the week was $13.25 at Helena on Friday with West Memphis at $13.24. The low market of the period was reported from Augusta on Tuesday at $12.60. The last day of trading quotes across state markets found eight of the fourteen markets above the $13.00 level. Ending prices for the week ranged from a $12.79 low at both Augusta and Des Arc to the $13.25 high at Helena. These quotes left the statewide closing day price range at 46 cents, a 2 cent narrowing from the end-week gap of a week 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.)