By Bob Stark, Agricultural Economist
The first week of 2017 trading in the 2016 Crop Soybean Cash Market began on Tuesday due to the New Year’s Day holiday. The market opened at a statewide average of $9.76, a 21 cent decline from the prior week’s closing price. Gains on Wednesday and Thursday were partially given up on Friday as the market fell to a $9.86 closing statewide average (Figure 1). Overall change for the short week was a loss of 11 cents from the 2016 year end closing price. Twelve markets are currently providing cash market quotes on the 2016 crop. High daily individual market price of the past week was observed on Thursday with $10.24 reported at Helena. Low quote for the week was reported as $9.13 at Pendleton on Wednesday although the quote may have been a typographical error. End-of-the-week reported quotes saw only five of the thirteen reporting markets in the state above the $10.00 level. Friday closing day prices ranged from a low of $9.68 at Pendleton and Des Arc to a high of $10.07 at Helena. The ending quotes represented a range of 39 cents, 15 cents narrower than the previous week closing spread.
The 2017 New Crop Soybean Cash Market Booking quotes followed the old crop market lower over the New Year’s Day weekend break, but only lost 11 cents compared to the 21 cent old crop loss. The Tuesday statewide average was $9.72. A 15 cent gain on Wednesday was held through Thursday before the market gave most of it back in a decline to Friday’s closing statewide average of $9.74 (Figure 2). Overall trading for the short week resulted in a 9 cent loss from the 2016 end of year closing price. High daily individual market price of the past short week was on Thursday with $10.04 reported at Helena. Low quote for the week was $9.56 at Jonesboro on Friday. End-of-the-week quotes saw Friday closing day prices ranging from the $9.56 low at Jonesboro to a high of $9.91 at Helena. The ending quotes represented a range of 35 cents, 2 cents narrower than the previous week closing range. Thirteen markets were reporting 2017 Cash Market Booking prices as of Friday.
(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.)