The past week of trading was shortened by the Monday observance of Presidents’ Day. 2013 soybean crop market gained 24 cents over the extended weekend break and opened on this past Tuesday at $13.83. Price initially dipped slightly lower before gaining steam to a Friday closing statewide average of $13.93 (Figure 1). The close left the market a net 34 cents above the prior Friday average. Thirteen of the fourteen regular markets were submitting quotes during the week with only Pine Bluff absent. High individual market daily quote was $14.21 on Friday at West Memphis and Old Town/Elaine. Low quote of the period was $13.53 at Augusta on Wednesday. Closing quotes across all reporting markets ranged from a $13.70 low at Augusta to the $14.21 high at West Memphis and Old Town/Elaine. These end-of -week quotes left the market price range at 51 cents, a widening of 9 cents from the previous week ending spread.
The shortened trading week found the New Crop Soybean Market Price on early bookings of the 2014 crop gaining 9 cents over the extended weekend to a statewide average on Tuesday of $11.43. Price seemed uncertain moving sideways on Wednesday before starting a strong climb on Thursday and Friday (Figure 2). Price closed at $11.59 on Friday, a 24 cent gain over the previous Friday ending price. High individual market quote of the week was $11.75 at Helena on Friday with both West Memphis and Old Town/Elaine trailing closely at $11.74. Low individual market for the period was at Des Arc with $11.17 on Wednesday. Like the cash market, fourteen state market locations submitted 2014 crop booking quotes during the week with only Pine Bluff absent. The end-of-week price spread extended from the high of $11.75 at Helena to a low of $11.34 at Des Arc. These quotes left the market spread at 41 cents, unchanged from the previous week price range.
(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.)