By Bob Stark, Agricultural Economist
The shortened pre-July 4th trading week began with a strong 32 cent weekend gain and generally continued on that trend through the Thursday early close (Figure 1).
The Arkansas 2015 soybean crop cash market opened on Monday at a statewide average price of $11.28, 5 cents under the previous Monday opening average. But price moved higher on Tuesday, saw a mild retreat on Wednesday and rebounded to close on Thursday at a statewide average of $11.72, an overall gain of 76 cents from the previous Friday closing mark. High daily individual market price of the short trading week was seen on Thursday as two markets topped the $12.00 level. Blytheville averaged $12.05 and Helena took the top place with $12.13. Low quote for the week was $10.88 at Wynne on Monday, the only market to have a daily quote under $11.00 during the week. End-of-the-week quotes saw Thursday closing day prices ranging from an $11.30 low at Wynne to the $12.13 high at Helena. The ending quotes represented a range of 83 cents, an 11 cent widening from the previous week closing spread. Eleven markets ended the short week providing daily quotes with Little Rock dropping out on Thursday after submitting quotes for Monday through Wednesday.
The 2016 New Crop Soybean Cash Market Booking price gained 27 cents over the weekend and opened the past week at a Monday statewide average of $11.08. A sixteen cent improvement on Tuesday was half lost on Wednesday before a strong Thursday up movement carried the market to an $11.57 statewide average to close the shortened trading week (Figure 2). The market finish represented an overall 76 cent improvement over the previous Friday close. High market price of the past week was reported on Thursday with Helena at $11.79. All thirteen reporting markets closed the week within the $11.00-$12.00 range. Augusta market quotes remain missing. Individual market daily low of the week was reported on Monday with Wynne at $10.75. End-of-week individual market quotes on Thursday ranged from a low of $11.23 at Wynne to the high of $11.79 at Helena. These ending quotes put the closing spread at 46 cents across the reporting markets in the state, 6 cents wider than the previous week closing range.
June Monthly Summaries
June trading in old crop (2015) soybeans showed through the first ten days of the month before entering a two week period of decline. But sharp gains over the final week took the market to its monthly high (Figure 3). The old crop market opened on June 1 at $10.81 and closed with a statewide average on June 30 of $11.72, an increase of $1.10 in total from the May 31 closing price. High daily statewide average was the $11.72 on June 30. The high individual daily market quote also occurred on June 30 with Helena at $12.13. The low individual daily market quote occurred on June 1 with Wynne at $10.55. Overall statewide average for the month was $11.36 for old crop soybeans.
June trading in new crop (2016) soybeans showed strength early in the month before entering a two week period of decline. But sharp gains over the final week nearly returned the market to its monthly high (Figure 4). The market opened on June 1 at $10.68 and closed with a statewide average on June 30 of $11.57, an increase of $1.02 in total from the May 31 closing price. High daily statewide average was $11.65 on June 10. The high individual daily market quote also occurred on June 10 with both Old Town/Elaine and West Memphis at $11.83. The low individual daily market quote occurred on June 1 with Wynne at $10.39. Overall statewide average for the month was $11.23.
(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.)