By Bob Stark, Agricultural Economist
A 17 cent gain over the weekend put the Arkansas 2015 soybean crop cash market opening on Monday at $10.29, but price dropped on Tuesday and stabilized Wednesday before falling sharply again on Thursday. The market finally saw an upturn on Friday to end the week at $10.15, an overall gain of only 3 cents above the previous Friday closing mark (Figure 1).
High daily individual market price of the past trading week occurred on Monday with West Memphis at $10.50. Low quote for the week was $9.79 on Thursday at Des Arc. End-of-the-week quotes saw all markets above the $10.00 level with closing day prices ranging from a $10.01 low at Des Arc to a $10.40 high at Old Town/Elaine. The ending quotes represented a range of 39 cents, a 5 cent widening from the previous week. Eleven markets ended the week providing old crop price quotes as Pine Bluff dropped out this past week and Osceola resumed providing quotes on Wednesday.
The 2016 New Crop Soybean Cash Market Booking price had virtually the same daily trends of the old crop market, but with smaller magnitudes. The market first enjoyed a 10 cent weekend gain that partially disappeared on Tuesday before seeing a small Wednesday gain. Price then fell sharply on Thursday before recovering all of its weekly losses and closing higher for the week on Friday. The market opened on Monday at a $10.14 statewide average and eventually bottomed out on Thursday at $9.96 before surging to $10.17 to close the week, an overall 13 cent gain from the previous Friday closing mark (Figure 2).
High market price of the past week was $10.31 on Friday at Helena. The low individual daily quote occurred on Thursday with $9.72 at Wynne. Thirteen markets are reporting new crop quotes. End-of-week individual market quotes on Friday ranged from a low of $9.92 at Wynne to the high of $10.31 at Helena. The only other market ending the week below $10.00 was Des Arc at $9.97. The ending quotes put the closing spread at 39 cents across the reporting markets in the state, a narrowing of 3 cents from the previous week 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.)