By Bob Stark, Agricultural Economist
A 3 cent weekend gain put the Arkansas 2015 soybean crop cash market on a steady gain pattern that extended through the entire past week. Trading opened on Monday at a statewide average price of $8.79. The market posted gains every day to reach a Friday closing statewide average of $8.94, an overall solid gain of 18 cents from the previous Friday closing mark (Figure 1). High daily individual market price of the past trading week was reported on Friday with both Blytheville and Helena at $9.10. Low market quote for the week was $8.54 at Wynne on Monday. End-of-the-week quotes saw closing day prices ranging from an $8.68 low at Wynne to the $9.10 high at Blytheville and Helena. The ending quotes represented a range of 42 cents as the market range widened by 2 cents from the previous week closing spread.
The 2016 New Crop Soybean Cash Market Booking price posted a modest 1 cent gain over the weekend and opened the past week at a Monday statewide average of $8.83. Price then moved higher in 3 to 4 cent daily gains before closing the week strongly with a 7 cent Friday surge. The strong close placed the statewide average at $8.99, a 17 cent improvement from the previous Friday close (Figure 2).
High market price of the past week was reported on Friday with Helena at $9.23. Eight of the fourteen reporting markets closed the week above $9.00. Individual market daily low of the week was reported on Monday with Augusta at $8.53. End-of-week individual market quotes on Friday ranged from a low of $8.67 at Augusta to the high of $9.23 at Helena. The ending quotes put the closing spread at 56 cents across all reporting markets in the state, 4 cents narrower than the previous week closing range.
February Monthly Summaries
February generally saw old crop soybean price decline despite a mid-month surge that almost returned the statewide average to its February 2 monthly top (Figure 3). The month began with old crop beans at $8.85 and the monthly high average of $8.90 was reached on the following trading day. Price then began a declining pattern that persisted almost to President’s Day weekend (February 13-15). The market resurgence just prior to the holiday continued until February 22 when price reached $8.84, but then entered a decline that extended through the end of the month, eventually reaching a closing price of $8.53. Overall statewide average for the month was $8.74 with a high individual daily average of $8.90 and a low individual daily average of $8.53 on both February 28 and 29.
February trading in the 2016 New Crop Soybean Booking Price moved only slightly lower through the month after peaking on February 2 at $8.86 (Figure 4). Price closely followed the old crop bean market, weakening until just prior to President’s Day when a 10 cent surge lifted the market above $8.80 for almost a week. The market weakened noticeably after February 22 losing 17 cents to close at a monthly low of $8.64. Overall statewide average for February was $8.75 with individual daily market quotes ranging from $8.32 to $9.04.
(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.)