The “market correction” on last Friday continued into the immediate past week for the 2012 Arkansas cash soybean market as price fell 1 cent over the weekend to a $12.72 Monday opening statewide average and continued lower through Tuesday before turning around and posting gains through the remaining trading days (Figure 1). Statewide average price fell to $12.61 on Tuesday before rallying to close the week above $13.00 for the first time in two weeks. The closing statewide average of $13.07 on Friday was a 34 cent improvement from the previous Friday closing price. Only ten major soybean markets were submitting price quotes to end the week. High individual market daily quote was $13.26 from both Old Town/Elaine and West Memphis on Friday. Low quote of the week was $12.35 at Jonesboro on Tuesday. Friday closing quotes across all reporting markets ranged from a $12.81 low at Jonesboro to the $13.26 high at Old Town/Elaine and West Memphis. These end-of-week quotes put the market price range at 45 cents, a 5 cent contraction from the previous end-of-week spread.
New Crop Soybean Market trading followed a similar, but slightly more variable path than the old crop market opening at $12.70 on Monday following a 2 cent weekend loss. Like the old crop market, new crop quotes continued to fall to a Tuesday bottom average of $12.58 before turning around in a rally that carried through the end of the week (Figure 2). The Friday closing mark of $13.07 was a 35 cent improvement from the previous Friday closing level. New crop quotes finished the week equal to the old crop price. High individual daily market average for the week was $13.26 at West Memphis on Friday. Midweek dropouts left only nine markets reporting New Crop Booking prices at the end of the week. The low daily market price of the period was reported on Tuesday with $12.35 at both Jonesboro and Wynne. Eight of the nine markets providing both old crop and new crop booking quotes offered the same price for both crops. The last day of trading quotes across state markets found ending prices ranging from a $12.81 low at Jonesboro to the $13.26 top at West Memphis. The closing quotes left the statewide closing day price range at 45 cents, a 5 cent decrease from the previous week spread for the second consecutive 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.)