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29
Jun
2014
Soybean cash market and forward booking prices in Arkansas for June 23-27, 2014
Author: Bob Stark, Agricultural Economist

The old crop cash soybean market gained 8 cents over the weekend break to post a Monday statewide average of $14.19.  Market price moved gradually lower to midweek before enjoying a strong gain on Thursday.  A small portion of that gain was surrendered on Friday as trading ended with a closing statewide average of $14.27, a 16 cent gain over the previous Friday closing mark (Figure 1).  Reporting was inconsistent through the week as the number of markets providing quotes ranged from nine to twelve of the fourteen markets regularly checked in Arkansas.  High individual market daily quote for the past week was $14.57 on Thursday at West Memphis.  Low quote of the period was $13.87 at both Jonesboro and Des Arc on Tuesday.  Closing quotes on Friday across the nine reporting markets ranged from a $14.05 low at both Des Arc and Jonesboro to a $14.52 high at West Memphis.  These end-of-week quotes left the market price range at 47 cents, unchanged for the third consecutive week.

Fig. 1 - AR 2013 Crop Soybean Cash Market Prices (June 23-27, 2014)

Fig. 1 – AR 2013 Crop Soybean Cash Market Prices (June 23-27, 2014) 

The 2014 New Crop Soybean Booking market traded within a narrower daily average range this past week than the old crop market.  A 2 cent gain over the weekend placed new crop beans at a $12.35 statewide average on Monday.  New crop beans suffered their weekly low on Tuesday before posting solid Wednesday and Thursday gains.  A major correction on Friday left the market at a closing statewide average of $12.30, a 3 cent overall loss from the previous Friday average (Figure 2).  High individual market quote of the week was $12.62 at West Memphis on Thursday.  The low individual market quote for the third consecutive week was at Augusta with $12.01 on Tuesday.  No individual markets had a daily quote under $12.00 for the first time since the last week of May.  All fourteen regular markets continued to provide quotes during the past week.  The end-of-week price spread ranged from a high of $12.43 at West Memphis, Old Town/Elaine, and Helena to a $12.04 low at Augusta.  These quotes left the closing market spread at 39 cents, a return of the 2 cent expansion seen in the immediately previous week closing price range.

 

Fig. 2 - AR 2014 New Crop Soybean Market Prices (June 23-27, 2014)

Fig. 2 – AR 2014 New Crop Soybean Market Prices (June 23-27, 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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