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16
Jun
2014
Soybean cash market and forward booking prices in Arkansas for June 9-13, 2014
Author: Bob Stark, Agricultural Economist

The past weekend saw the old crop cash soybean market hold steady and open on Monday with a statewide average of $14.52, unchanged from the previous Friday closing average. Price rallied slightly on Tuesday before suffering a sharp midweek decline to the week’s low on Thursday. The market did recover somewhat on Friday with a closing statewide average of $14.21, a 31 cent decline from the previous Friday closing mark and the lowest daily average since March 7 (Figure 1). Eleven of the fourteen major state markets continue to submit quotes each weekday. High individual market daily quote for the past week was $14.83 on Tuesday at West Memphis. The high quote was the first time without a quote above $15.00 since the last full week in March. Low quote of the period was $13.88 at both Jonesboro and Des Arc on Thursday. Closing quotes on Friday across reporting markets ranged from a $13.99 low at both Des Arc and Jonesboro to a $14.46 high at West Memphis. These end-of-week quotes placed the market price range at 47 cents, a 5 cent narrowing from the prior week spread.

Fig. 1 - AR 2013 Soybean Cash Market Prices (June 9-14, 2014)

Fig. 1 – AR 2013 Soybean Cash Market Prices (June 9-13, 2014)

The 2014 New Crop Soybean Booking market was less volatile than the old crop market gaining 5 cents over the weekend and posting a Monday statewide average of $12.25.  Price traded within a 9 cent range for most of the week with only a dip on Thursday that was immediately recovered on Friday.  The statewide average to close the week was $12.23, a 3 cent overall gain from the previous Friday average (Figure 2).  High individual market quote of the week was identical to the previous week with $12.45 at West Memphis, Helena, and Old Town/Elaine, this week occurring on Tuesday.  The low individual market quote for the week was at Augusta with $11.88 on Thursday.  All fourteen regular markets continued to provide quotes during the past week.  The end-of-week price spread ranged from a high of $12.36 at West Memphis, Helena, and Old Town/Elaine to an $11.97 low at Augusta, the only state market closing under $12.00.  These quotes left the closing market spread at 39 cents, unchanged for the second consecutive week.

Fig. 2 - AR 2014 New Crop Soybean Market Prices (June 9-13, 2014)

Fig. 2 – AR 2014 New Crop Soybean Market Prices (June 9-13, 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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