The 2012 cash soybean market fell 13 cents over the weekend to open on Monday at a statewide average of $13.69. Trading remained fairly steady until Thursday when the new USDA crop progress report generated a 35 cent surge that pushed the state average above the $14.00 level. A Friday correctional retreat gave half of the gain back, but the market still finished at a statewide average of $13.89, a 7 cent improvement over the previous Friday closing price (Figure 1). Seven markets provided price quotes for most of the week with Wheatley resuming reports on Friday. High individual market daily quote of the week was $14.22 at West Memphis on Thursday. Low quote of the week was $13.19 at Augusta on Tuesday. Closing quotes on Friday across the eight reporting markets ranged from a low of $13.46 at Augusta to a high at West Memphis of $14.07. Three state markets closed above $14.00. These quotes put the market price range at 61 cents, a 25 cent contraction from the previous week spread.
New Crop Soybean Market trading closely matched the old crop market movements with a 12 cent loss over the weekend to open Monday at a statewide average of $13.62 followed by a generally steady price through most of the week. The New Crop market responded to the USDA Crop Progress Report on Thursday with a 37 cent increase, but gave more than half of the gain back on Friday to close the week at $13.79, a 5 cent improvement from the previous Friday closing mark (Figure 2). High individual daily market average for the week was $14.31 at Pendleton on Thursday, as eight of the thirteen reporting markets moved above $14.00. The low daily market price of the period was reported on Tuesday with $13.19 at Augusta. Six markets providing both old crop and new crop booking quotes remained converged in price, offering the same price for both crops. The last day of trading quotes across state markets found ending prices ranging from a $13.46 low at Augusta to a $14.02 high at both Pendleton and Helena, the only individual markets to end the week above $14.00. These closing quotes left the statewide closing day price range at 56 cents, a 30 cent decrease 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.)