By Bob Stark, Agricultural Economist
Soybean trading experienced the third short information week in a row as no USDA report was published on Friday, October 28. 2016 New Crop Soybean Cash Market quotes opened the week on Monday at $9.81, an 8 cent improvement from the previous Friday closing level and 18 cents above the previous Monday opening. Price remained steady through Tuesday before gaining strength on Wednesday that held through the Thursday close. The overall changes for the week left the market at $9.98 on Thursday, a 25 cent improvement from the previous Friday (Figure 1). Only ten markets provided daily quotes at the end of the past week. High daily individual market price was observed on Wednesday with $10.20 at Helena. The low quote for the week was $9.63 at Little Rock on Tuesday with both Des Arc and Jonesboro a cent above at $9.64. End-of-the-week reported quotes saw the Thursday closing day prices ranging from a $9.87 low at Des Arc and Jonesboro to a high of $10.10 at Helena. These ending quotes represented a range of 23 cents, a 14 cent narrowing compared to the previous week closing spread.
The past short trading week saw the 2017 New Crop Soybean Cash Market Booking quotes tracking under 2016 crop prices by 6 to 8 cents. The market saw gains during the shortened reporting week before leveling off at the end. The 2017 crop market opened trading on Monday at a $9.75 statewide average, rose Tuesday and Wednesday, and then settled at a Thursday closing statewide average of $9.90 (Figure 2). The Thursday closing statewide average price was 22 cents above the previous Friday closing price. High daily individual market price of the shortened week was on Wednesday with $10.14 reported at Old Town/Elaine. Low quote for the week was $9.60 at both Des Arc and Jonesboro on Monday. End-of-the-week quotes saw Thursday closing day prices ranging from a $9.72 low at Des Arc and Jonesboro to a high of $10.09 at Old Town/Elaine. The ending quotes represented a range of 37 cents, 5 cents wider than the previous Friday closing range. Eight markets finished the week actively reporting prices.
(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.)