A 35 cent weekend decline in the 2012 cash soybean market was a sign of things to come as the market opened on Monday at a statewide average of $13.54 and proceeded steadily lower each trading day of the week (Figure 1). The market closed on Friday at a $13.11 average, a 78 cent fall from the previous Friday closing price and the lowest daily average since August 20. Twelve of the fourteen major soybean markets in Arkansas submitted price quotes this past week, with only Pine Bluff and Wynne absent. High individual market daily quote of the week was $13.68 at Helena on Monday, the first Friday report since August 23 without a quote over $14.00. Low quote of the week was $12.72 at Augusta on Friday. Closing quotes on Friday across the twelve reporting markets ranged from the Augusta low of $12.72 to a high at Pendleton of $13.30. Three state markets closed below $14.00. These quotes put the market price range at 58 cents, a 3 cent contraction from the previous week spread.
New Crop Soybean Market trading had slightly more strength than the old crop market early in the week, but fell in a similar fashion to end the trading week (Figure 2). The market lost 33 cents over the weekend to open Monday at a statewide average of $13.46. A decline on Tuesday was tempered by a Wednesday rally that almost regained the Monday average price. But price quickly entered a downward slide on Thursday and Friday to close out the week. The Friday closing statewide average was $13.09, a 70 cent decline from the previous Friday closing mark. High individual daily market average for the week was $13.68 at both Pendleton and Helena on Monday, as all markets fell below the $14.00 level. The low daily market price of the period was reported on Friday with $12.72 at Augusta. Ten markets providing both old crop and new crop booking quotes converged in price by the end of the week, offering the same price for both crops. The last day of trading quotes across state markets found ending prices ranging from the $12.72 low at Augusta to a $13.30 high at Pendleton. These closing quotes left the statewide closing day price range at 58 cents, a 2 cent increase 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.)