By Bob Stark, Agricultural Economist
The past week marked the end of the old crop (2015) Arkansas soybean cash market reporting. USDA is now listing Fall 2016 crop quotes as the Cash Market prices and should begin reporting Fall 2017 crop booking prices in the near future. Monday trading was difficult to interpret as the statewide average price rose 35 cents from the previous Friday closing level and then fell 23 cents on Tuesday. Some locations seemed to be providing 2016 crop cash quotes with a few still labeling their quotes as New Crop. It was unclear if they meant 2016 or 2017 New Crop booking prices. Following the large Tuesday price decline, the market lost another 11 cents before going steady to end the week (Figure 1). Trading opened on Monday at $9.82, a 31 cent improvement from the previous Monday open. The 23 cent loss on Tuesday took the market down to a level where it stabilized through the end of the week. The market finished the week at $9.47, unchanged from the previous Friday close. Twelve markets were providing daily quotes at the end of the trading week. High daily individual market price of the past trading week was on Monday with $9.96 at Blytheville. Readers show note that Monday was the transition day between crop years. Low quote for the week was $9.25 at both Des Arc and Jonesboro on Friday. End-of-the-week quotes saw Friday closing day prices ranging from the $9.25 low at Des Arc and Jonesboro to a high of $9.69 at Helena. The ending quotes represented a range of 44 cents, a 28 cent widening from the previous week closing spread.
As stated earlier, only a few markets provided New Crop price quotes on Monday and the validity of those quotes was questionable. The 2017 New Crop market was not tested during the remainder of the past week.
NOTE: USDA stopped reporting 2015 crop cash market prices and changed its Cash Market quotes from the 2015 crop to the 2016 crop on October 1.
(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.)