The encouraging end to trading in the previous week was slowly dried up like the fields of Arkansas in this week’s transactions. The Arkansas 2012 cash soybean market surged 62 cents higher over the weekend to a Monday statewide average of $14.06, the highest daily average since July 24. After Monday’s peak, the trend was much lower on Tuesday as the market fell 19 cents, and then slightly lower through the remaining days of trading (Figure 1). The closing statewide average on Friday was $13.74, a 30 cent improvement over the previous Friday closing price. Seven markets continue to provide price quotes as new crop bean harvest moves closer. High individual market daily quote of the week was $14.37 at West Memphis on Monday. The low quote was $13.26 at Augusta on Friday. Closing quotes on Friday across the seven reporting markets ranged from the low of $13.26 at Augusta to a high at West Memphis of $14.05, the only state market to close the week above the $14.00 level. These quotes left the market with a price range of 79 cents, unchanged from the previous week spread.
The New Crop Soybean Market built on its previous Friday gains and rose 62 cents over the weekend to open on Monday at a statewide average of $13.92. The New Crop market moved sharply lower on Tuesday, falling 19 cents, before stabilizing somewhat through the midweek days. The market closed the week with a Friday decline to $13.60 leaving it with a net 30 cent improvement from the previous Friday closing mark (Figure 2). High individual daily market average for the week was $14.20 at Pendleton on Monday. The low daily market price of the period was reported on Friday with $13.26 at Augusta. Several of the seven markets still providing both old crop and new crop booking quotes have now converged in price for both crops. The last day of trading quotes across state markets found ending prices ranging from the $13.26 low at Augusta to a $13.88 high at Pendleton. These closing quotes left the statewide closing day price range at 62 cents, unchanged from the previous week.
(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.)