By Bob Stark, Agricultural Economist
The past week of trading in the 2016 New Crop Soybean Cash Market began strongly with a 16 cent weekend advance, but lost momentum midweek before rallying on Friday to its closing statewide average. The market opened on the past Monday at $10.23 and rose the next day to a statewide average of $10.31 that held through Wednesday. The Thursday market trading lost 22 cents, but half of the loss was recovered on Friday to a closing average of $10.20, leaving 2016 crop soybeans 13 cents higher overall compared to the previous week close (Figure 1). Reporting strengthened during the week as the Osceola and Blytheville markets resumed providing quotes. High daily individual market price was observed on Wednesday with $10.53 at both Blytheville and Osceola. Low quote for the week was $9.90 at Pine Bluff, Des Arc, and Jonesboro on Thursday. End-of-the-week reported quotes saw all reporting markets in the state above the $10.00 level with the Friday closing day prices ranging from a $10.00 low at Pine Bluff to a high of $10.46 at Helena. These ending quotes represented a range of 46 cents, 1 cent narrower compared to the previous week closing spread.
The 2017 New Crop Soybean Cash Market Booking quotes moved 10 cents higher over the weekend and posted gains through Wednesday before experiencing an 18 cent correction on Thursday. Much of the loss was recovered on Friday to end the week at $10.13, matching the Monday statewide average and exactly 10 cents above the previous Friday closing price (Figure 2). High daily individual market price of the past week was on Wednesday with $10.40 reported at Helena. Low quote for the week was $9.86 at Jonesboro on Thursday. End-of-the-week quotes saw Friday closing day prices ranging from a $9.98 low at Jonesboro, the only market ending the week below $10.00, to a high of $10.34 at Helena. The ending quotes represented a range of 34 cents, just 1 cent narrower than the previous week closing range. Eleven markets remained 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.)