By Bob Stark, Agricultural Economist
The 2014 Arkansas Cash Soybean market gained 1 cent over the weekend to open on Monday at a statewide average price of $9.17. Price declined over the next two days to a statewide average of $8.99 on Wednesday. The quote was especially significant as the first daily statewide average under $9.00 for the 2014 crop since October 1 of 2014. The market tried to make a correction the next day with a 17 cent gain, but lost all of the gain on Friday and ended the week at $8.98, an overall drop of 18 cents from the previous Friday closing mark (Figure 1). High individual daily market quote of the past week was $9.37 at Osceola on Thursday. Low daily quote of the week occurred on Friday as Pine Bluff reported a price of $8.62. The Friday reported closing prices ranged from the $8.62 low at Pine Bluff to a high of $9.20 at Osceola. The closing range of 58 cents was 12 cents wider than the previous week with six market participants entering quotes to end the week.
The 2015 soybean crop booking market moved very similar to the old crop market during the past week. The 1 cent weekend gain over the weekend was quickly lost as price plunged to midweek. New beans opened trading on Monday at $9.06, 74 cents under the previous week opening. The early week plunge reached $8.83 on Wednesday before a small recovery on Thursday. The one day gain was promptly lost on Friday as the market fell to a daily statewide average of $8.80, a 25 cent decline from the previous week close (Figure 2).
High individual market quote for the week was $9.27 at Old Town/Elaine on Monday. Low market quote for the week occurred on Friday with Wynne and Des Arc all at $8.60. Thirteen of the regular state markets continued to provide new crop quotes. End-of-the-week quotes saw closing day prices ranging from the $8.60 low at Wynne and Des Arc to a high of $9.05 at West Memphis. Only three markets closed the week at or above $9.00. The ending quotes represented a range of 45 cents, a 5 cent widening 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.)