By Bob Stark, Agricultural Economist
The past week was shortened by the Columbus Day holiday on Monday. 2016 New Crop Soybean Cash Market quotes opened the week 2 cents lower compared to the previous Friday closing level. Price weakened on Wednesday, but then rebounded to finish the week at $9.52, a 5 cent improvement from the previous Friday (Figure 1). Twelve markets provided daily quotes throughout the trading week. High daily individual market price of the past trading week was on Friday with $9.68 at both Blytheville and Osceola. Low quote for the week was $9.19 at both Des Arc and Jonesboro on Wednesday. End-of-the-week quotes saw Friday closing day prices ranging from a $9.36 low at Des Arc and Jonesboro to the high of $9.68 at Blytheville and Osceola. These ending quotes represented a range of 32 cents, a 12 cent narrowing from the previous week closing spread and 21 cents narrower than two weeks ago.
The past week shortened by the Columbus Day holiday represented the first real test of the 2017 New Crop Soybean Cash Market Booking quotes. The market is still very thin with only five markets providing daily price quotes. The 2017 crop market opened trading on Tuesday at a $9.40 statewide average and followed the 2016 crop price lower on Wednesday before recovering to finish the week (Figure 2). High daily individual market price of the shortened past trading week was on Friday with $9.54 at Pendleton. Low quote for the week was $9.23 at both Des Arc and Jonesboro on Wednesday. End-of-the-week quotes saw Friday closing day prices ranging from a $9.37 low at Des Arc and Jonesboro to the high of $9.54 at Pendleton. The ending quotes represented a range of 17 cents, just over half of the 2016 crop market price 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.)