By Bob Stark, Agricultural Economist
The old crop (2015) Arkansas soybean market held steady over the weekend to begin the past week of trading and rose sharply on Tuesday before entering a decline that extended through the remaining days of trading. The Monday opening price was $9.91 and rose to $10.11 on Tuesday, the first daily quote above $10.00 for more than a week. Price then eventually fell to $9.72 on Friday to close the week (Figure 1). The Friday closing mark left the old crop market with a 19 cent overall loss for the week compared to the previous Friday closing mark. Only three markets finished the week providing daily quotes after Stuttgart dropped out midweek. High daily individual market price of the past trading week was on Tuesday with West Memphis at $10.26. Low quote for the week was $9.51 in Pine Bluff on Friday. End-of-the-week quotes saw Friday closing day prices ranging from the $9.51low at Pine Bluff to a high of $9.85 at Old Town/Elaine. The range may not be fully representative of the state market since only three markets provided quotes on Friday. The ending quotes represented a range of 34 cents, a 16 cent widening from the previous week closing spread, primarily reflecting the replacement of the Stuttgart market by the Pine Bluff market.
The 2016 New Crop Soybean Cash Market Booking price generally traded 13-14 cents under the old crop market during the past week. New crop soybeans actually gained 4 cents over the weekend and moved sharply higher on Tuesday before following old crop beans lower for the remainder of the week (Figure 2). New crop price opened Monday at a statewide average of $9.77. Price rose to $9.95 on
Tuesday, but then moved steadily lower each remaining day to end the week at a Friday statewide average of $9.59. The closing price represented a 14 cent decrease overall from the previous Friday closing price. High market price of the past week was reported at Old Town/Elaine on Tuesday with an individual market average of $10.25. Individual market daily low of the week occurred on Friday with Wynne at $9.35. The end-of-week individual market quotes on Friday ranged from the $9.35 low at Wynne to a high of $9.81 at Osceola as no market in the state reported a Friday average above $10.00. These ending quotes left the closing spread at 46 cents across the reporting markets in the state, 2 cents under 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.)