By Bob Stark, Agricultural Economist
The extended Thanksgiving weekend proved to be a blessing for the 2016 New Crop Soybean Cash Market as price rose 20 cents from the Wednesday, pre-Thanksgiving closing statewide average. The market opened on the past Monday at $10.37, but then entered into a daily decline that extended all the way through Friday. Closing statewide average on Friday was $10.07, leaving 2016 crop soybeans 10 cents lower for the overall week compared to the pre-Thanksgiving Wednesday close (Figure 1). Reporting for the week was variable with two markets failing to provide reports on Thursday and Friday and a third individual market only providing quotes on those two days. High daily individual market price was observed on Monday with $10.59 at both Blytheville and Osceola. Low quote for the week was $9.91 at both Des Arc and Jonesboro on Friday. End-of-the-week reported quotes saw the Friday closing day prices ranging from the $9.91 low at Des Arc and Jonesboro to a high of $10.38 at Helena. These ending quotes represented a range of 47 cents, a 13 cent widening compared to the previous week closing spread.
The 2017 New Crop Soybean Cash Market Booking quotes moved 18 cents higher over the extended Thanksgiving weekend and opened this past Monday at a $10.22 statewide average. The 2017 crop market followed the 2016 crop price lower throughout the week, going essentially steady on Thursday and Friday with a closing Friday statewide average of $10.03. The Friday closing statewide average represented only a 1 cent loss from the previous Wednesday, pre-Thanksgiving average that ended that week (Figure 2). High daily individual market price of the past week was on Monday with $10.44 reported at Helena. Low quote for the week was $9.87 at Jonesboro on Thursday. End-of-the-week quotes saw Friday closing day prices ranging from a $9.88 low at Jonesboro to a high of $10.23 at Helena. The ending quotes represented a range of 35 cents, exactly losing the 5 cents gained the previous week across the closing range. Eleven markets finished the week actively reporting prices.
November Monthly Summaries
November trading in new crop (2016) soybeans began the month with a slight downward movement, but then moved generally higher through the remainder of the month. The market opened the month with a statewide average of $9.65 on November 1. The market had a few weak periods following the Veterans’ Day and Thanksgiving holidays, but posted an overall upward trend until the final week (Figure 3). The closing average on November 30 was $10.13 representing a 48 cent overall improvement for the month. High daily statewide average was $10.37 on November 28. The high individual daily market quote also occurred on November 28 with both Blytheville and Osceola at $10.59. The low individual daily market quote occurred on November 2 with both Jonesboro and Des Arc at $9.45. Overall statewide average for the month was $9.86 for new crop soybeans, up 22 cents from the October average.
November trading in 2017 new crop soybean booking price recorded its first full month of actual quotes. The Arkansas statewide average price had generally moved higher through the month with losses following both the Veterans Day and Thanksgiving holidays (Figure 4). The 2017 crop booking price market opened on November 1 at $9.72 and closed with a statewide average on November 30 of $10.06, a gain of 34 cents. High daily statewide average for new bean booking quotes was $10.22 on November 28. The high individual daily market quote for new bean booking quotes was $10.44 at Helena, also on November 28. The low individual daily market quote occurred on November 2 with Jonesboro and Des Arc both at $9.47. Overall statewide average for the month was $9.87.
(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.)