The first full week of old crop cash soybean trading in September began with a 7 cent weekend loss leaving the market with an opening average of $10.36 on Monday. The market then followed a generally lower path through the week before stabilizing on Friday to a closing statewide average of $10.19, a 24 cent loss from the previous Friday closing price and another new lowest weekly ending average of 2014 (Figure 1). High individual daily market quote for the abbreviated week was $10.59 at Pendleton on Monday. The low was $9.67 on Thursday at Augusta, the only market that posted daily quotes under $10.00 for the week. Augusta also never exceeded $10.00 on any trading day. Price reports for the week continued to expand, reaching ten markets by Friday with Pendleton and Stuttgart now also providing quotes. Friday closing price ranged from a $9.70 low at Augusta to a high of $10.35 at both Pendleton and Old Town/Elaine. These end-of-week quotes put the market price range at 65 cents, a 16 cent widening from the previous week.
The 2014 New Crop Soybean Booking market suffered a loss of greater magnitude than the old crop market. Price declined 12 cents over the weekend and opened with a statewide average of $10.13 on Monday. The market then moved lower throughout the remaining trading days before posting a mild upward correction on Friday (Figure 2). The new crop market closed on Friday with a statewide average of $9.92, a 33 cent decrease from the previous Friday close and the first week with quotes under $10.00. High individual market quote of the week was $10.39 reported by Old Town/Elaine on Monday. The low individual market quote was $9.52 from Wynne on Thursday. Seven of the 14 individual markets reported sub-$10.00 averages to close the week compared to only one on the previous Friday. All fourteen regular markets provided quotes each day during the past week. The end-of-week price spread ranged from a high of $10.35 at Old Town/Elaine to a low of $9.55 at Wynne. These quotes left the closing market spread at 80 cents, a 25 cent expansion from the immediately previous week Friday closing price range and an overall 40 cent expansion from the Friday two weeks ago.
(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.)