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.
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.
(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.)