By Bob Stark, Agricultural Economist
The past week of trading began with a modest 2 cent weekend gain that put the Monday opening price at $10.91, but the market moved lower each trading day to a Friday closing statewide average of $10.20, a 69 cent overall decline from the previous Friday closing price (Figure 1). The market has become very thin with only four reporting locations on Monday and only five on each of the remaining weekdays. High daily individual market price of the past trading week was seen on Monday with Helena at $11.21. Osceola, at $11.14 on Monday, was the only other daily quote above $11.00 during the week. Low quote for the week was $9.68 at Wynne on Friday. End-of-the-week quotes saw Friday closing day prices ranging from the $9.68 low at Wynne to a high of $10.48 at Helena. The ending quotes represented a range of 80 cents, a 2 cent narrowing from the previous week closing spread.
The 2016 New Crop Soybean Cash Market Booking price moved in a similar manner to the old crop market during the past trading week. Price rose 10 cents over the weekend and opened the past week at a Monday statewide average of $10.70, but quickly entered into a decline that carried price lower each trading day. The market eventually reached its weekly low on Friday with a closing average of $9.93, 67 cents under the previous Friday closing price and the first daily close since May 5 under $10.00 (Figure 2). High market price of the past week was reported on Monday with Helena at $10.94. Individual market daily low of the week was reported on Friday with Wynne at $9.68. End-of-week individual market quotes on Friday ranged from the $9.68 low at Wynne to a high of $10.16 at Helena. These ending quotes put the closing spread at 48 cents across the reporting markets in the state, 10 cents narrower than the previous week closing 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.)