By Bob Stark, Agricultural Economist
The Arkansas 2016 Soybean Cash Market lost 4 cents over the past weekend and had continued lower throughout the entire week of trading. The market opened on Monday at a statewide average of $9.56, a decline of 29 cents from the prior week opening price. The market lost a fraction of a cent on Tuesday, and declined 3, 8, and 17 cents on the subsequent days to a Friday closing level of $9.28. The closing price was 32 cents under the previous Friday closing mark (Figure 1). High daily individual market price of the past week was observed on Tuesday with Osceola at $9.71. No market reported a daily quote above $10.00 during the past week. Low quote for the week was found at Wynne with an average of $9.06 on Friday. End-of-the-week reported quotes left prices ranging from the low of $9.06 at Wynne to a high of $9.44 at Osceola. The extreme ending quotes represented a range of 38 cents, a widening of 1 cent compared to the previous week closing spread.
The Arkansas 2017 Soybean Cash Market moved 6 cents lower over the past weekend to an opening statewide average on Monday of $9.54. Price then followed the same general pattern as old crop through the week with a 1 cent gain on Tuesday followed by losses of 4, 4, and 9 cents to finish the week (Figure 2). The Friday closing statewide average was $9.39, a decline of 22 cents from the previous week closing mark. High daily individual market price of the past week was observed on Tuesday with Helena at $9.65. No individual daily market quote during the week exceeded $10.00. Low quote for the week was found at Jonesboro and Des Arc with an average of $9.26 on Friday. End-of-the-week quotes saw Friday closing day prices ranging from the low of $9.26 at Jonesboro and Des Arc to a high of $9.48 at both West Memphis and Helena. The ending quotes represented a range of 22 cents, unchanged from the previous week closing range.
March 2017 Monthly Summaries
March trading in old crop (2016) soybeans began the month with an 11 cent gain from the last February trading day. The market quickly turned down and generally maintained the trend throughout the month (Figure 1). The old crop market opened March 1 at $10.28 and eventually declined to a statewide average on March 31 of $9.28, an overall decline of 89 cents from the February 28 average price to close the previous month. The high individual daily market quote occurred on March 1 with Old Town/Elaine and West Memphis at $10.52. The low individual daily market quote occurred on March 31 with Wynne at $9.06. Overall statewide average for the month was $9.84 for old crop soybeans, a decrease of 43 cents from the February average.
February trading in new crop (2017) soybeans trended lower for March much like the old crop (2016) beans pattern (Figure 2). The new crop market opened on March 1 at $10.25, generally declined on a daily basis, and closed at a statewide average of $9.39 on March 31. Price moved under the $10.00 level on March 9 and never returned higher. The high individual daily market quote occurred on March 1 with Old Town/Elaine at $9.42. The low individual daily market quote occurred at both Des Arc and Jonesboro on March 31 at a price of $9.26. Overall statewide average for the month was $9.83, a decrease of exactly 30 cents from the overall February 2017 average.
To view charts of market fluctuations, click here: March 31, 2017 SOYBEAN NOTES with March monthly summaries
(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.)