By Bob Stark, Agricultural Economist
The Arkansas 2015 soybean crop cash market came out of the extended Memorial Day weekend with an 8 cent loss and posted a statewide average of $10.62 on Tuesday. That represented the fourth straight decline to open weekly trading. The market proceeded to post strong gains on the next two trading days before retreating on Friday to a closing statewide average of $11.14, an overall 44 cent gain from the previous Friday closing mark (Figure 1). High daily individual market price of the past week was reported from West Memphis on Thursday at $11.50. Low quote for the week was $10.34 on Tuesday at Wynne. End-of-the-week quotes saw only one market remaining under the $11.00 level. Closing day prices ranged from a $10.87 low at Wynne to an $11.32 high at both West Memphis and Old Town/Elaine. The ending quotes represented a range of 45 cents, a 3 cent narrowing from the previous week. Markets reporting became fragmented during the past week with as few as nine and as many as twelve markets providing old crop quotes on a given day.
The gap of the 2016 New Crop Soybean Cash Market Booking price under old crop beans widened again over the past trading week. The gap had declined to 7 cents before moving to 28 cents by Friday. New beans were unchanged over the extended Memorial Day weekend and opened on Tuesday at $10.55. The market posted steady gains each trading day and ended the week with a statewide average closing price of $10.86, a 31 cent improvement over the previous Friday closing mark (Figure 2). High market price of the past short trading week was $11.05 on Friday at West Memphis, Helena, and Old Town/Elaine. The low individual daily quote occurred on Tuesday with $10.26 at Wynne. Thirteen state markets continued to provide daily price quotes throughout the period with only the Augusta market absent. End-of-week individual market quotes on Friday ranged from a low of $10.55 at Wynne to the high of $11.05 at West Memphis, Helena, and Old Town/Elaine. The ending quotes left the closing spread at 50 cents for the second straight week across the reporting markets in the state.
(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.)