The three day Labor Day weekend offered promise for the old crop cash soybean market as price rose 5 cents to an opening average of $10.54 on Tuesday. But the market then took a sharp downturn through the week before posting a rally on Friday to a closing statewide average of $10.43, a 6 cent loss from the previous Friday closing price and a new lowest daily average of 2014 (Figure 1). High individual daily market quote for the abbreviated week was $10.64 at West Memphis on Tuesday. The low was $9.88 on Thursday at Augusta, the first individual daily quote under $10.00 for the 2013 crop. Price reports for the week expanded to eight markets by Friday with Helena beginning to provide quotes and Augusta resuming on Thursday after being missing on Tuesday and Wednesday. Friday closing price ranged from a $10.07 low at Augusta to a high of $10.56 at West Memphis. These end-of-week quotes put the market price range at 49 cents, a 6 cent narrowing from the previous week.
The 2014 New Crop Soybean Booking market had sharp contrasts through the short week of trading. Price rose 8 cents over the extended Labor Day weekend and opened with a statewide average of $10.35 on Tuesday. The market then declined two straight days before posting a strong upward correction on Friday (Figure 2). The new crop market closed on Friday with a statewide average of $10.25, a 2 cent decrease from the previous Friday close. High individual market quote of the week was $10.52 reported by Pendleton, Helena, and Old Town/Elaine on Tuesday. The low individual market quote was $9.83 from both Wynne and Des Arc on Thursday. Five individual markets reported sub-$10.00 averages on that day, the first for the 2014 crop. All fourteen regular markets provided quotes each day during the past week. The end-of-week price spread ranged from a high of $10.47 at Helena to the low of $9.92 at Wynne, the only market finishing the week under $10.00. These quotes left the closing market spread at 55 cents, a 15 cent expansion from the immediately previous week closing 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.)