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Soybean cash market and forward booking prices for May 12-16, 2014
Author: Bob Stark, Agricultural Economist

Old crop soybeans suffered a double-digit loss for the second straight weekend dropping 22 cents to a Monday statewide average of $14.62. The market recovered virtually all of its losses by Wednesday, but then proceeded to give it all back enroute to a Friday closing average of $14.61 (Figure 1). The Friday average left the market with an overall 23 cent loss for the week from the previous Friday closing price. Eleven of the fourteen major state markets are submitting quotes each weekday. High individual market daily quote was $15.09 on Wednesday at West Memphis. Low quote of the period was $14.38 at both Jonesboro and Des Arc on Friday. Closing quotes on Friday across reporting markets ranged from the $14.38 low at both Des Arc and Jonesboro to a $14.87 high at West Memphis. The end-of-week quotes placed the market price range at 49 cents, a 2 cent widening from the prior week ending gap.

Fig. 1 - AR 2013 Crop Soybean Cash Market Prices (May 12-15, 2-14)

Fig. 1 – AR 2013 Crop Soybean Cash Market Prices (May 12-16, 2014)

The variation in the old crop market was again not matched in the 2014 New Crop Soybean Booking market as price moved only within an 11 cent high to low range. New crop price lost 14 cents over the weekend break and opened on Monday at a statewide average of $12.11, the lowest single-day average since April 7. The market showed limited gains most of the week and eventually finished on Friday at $12.21, just 4 cents under the previous Friday daily average closing price (Figure 2). High individual market quote of the week was $12.34 at Helena on Wednesday. The low individual market quote for the week was at Augusta with $11.84 on Monday. All fourteen regular markets continued to provide quotes during the past week. The end-of-week price spread extended from a high of $12.33 at Helena to a low of $11.94 at Augusta. These quotes left the closing market spread at 39 cents for the fourth straight week.

Fig. 2 - 2014 New Crop Soybean Market Prices (May 12-15, 2014)

Fig. 2 – 2014 New Crop Soybean Market Prices (May 12-16, 2014)

(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.)

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