Bob Stark, Agricultural Economist
The 2014 Arkansas Cash Soybean market had an explosive week fueled by the Tuesday USDA crop reports. Old crop price had remained virtually steady over the previous weekend in anticipation of the report releases with a $10.07 statewide Monday average. The market surged up 54 cents on Tuesday. Despite an expected Wednesday correction, the market held most of the gain through the early holiday close on Thursday. Statewide average market price to end the week was $10.58, although several markets failed to provide Wednesday price quotes and only one market provided a quote on Thursday. The closing statewide average, if truly representative, would indicate a 51 cent overall gain from the previous Friday closing price (Figure 1). High individual daily market quote of the past week was $10.96 at Osceola on Tuesday. Low daily quote of the short week occurred on Monday as Wynne reported a price of $9.94. Thursday closing price had no range due to the single reporting market. Closing range comparisons will be resumed in the report for next week.
The 2015 soybean crop booking market experienced gains similar to the old crop market after suffering a 9 cent loss over the weekend to open trading on Monday at $9.66. New crop market price surged 56 cents higher on Tuesday following the USDA crop reports before retreating somewhat on Wednesday and holding steady on Thursday to close out the holiday-shortened trading week. Thursday closing price was $10.14, a 39 cent advance from the previous Friday closing mark (Figure 2). High individual market quote for the week was $10.47 at Old Town/Elaine on Tuesday. Low market quote for the week occurred on Monday with Augusta at $9.40. Unlike the old crop market, all of the fourteen regular state markets continued to provide new crop quotes. End-of-the-week quotes saw only one market below the $10.00 level with prices ranging from a $9.80 low at Augusta to a high of $10.33 at Helena. The ending quotes represent a range of 53 cents, an expansion of 13 cents from the closing quotes range of the previous 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.)