By Bob Stark, Agricultural Economist
The shortened Memorial Day trading week began with a 27 cent extended weekend loss in the Arkansas 2016 Soybean Cash Market. Trading opened on Tuesday at a statewide average of $9.00, 43 cents under the previous Monday average. Price traded within a narrow range before closing on Friday with an 11 cent gain that placed the closing average at $9.05, a 22 cent decline from the previous Thursday closing mark (Figure 1). High daily individual market price of the past week was observed on Friday with West Memphis at $9.31. Low quote for the week was found at Wynne on Thursday with an average of $8.79. End-of-the-week reported quotes on Friday showed prices ranging from a low of $8.88 at Wynne to the high of $9.31 at West Memphis. The extreme ending quotes covered a range of 43 cents, a narrowing of 8 cents compared to the previous week closing spread.
The Arkansas 2017 Soybean Cash Market suffered a 19 cent weekend loss over the extended Memorial Day weekend. Trading opened on Tuesday at $9.10, 36 cents under the previous Monday. Price remained fairly steady through the short week before seeing a 7 cent gain on Friday to a daily average of $9.16. The closing average was 13 cents under the previous Thursday level (Figure 2).
High daily individual market price of the past week was observed on Friday with Osceola at $9.34. Low quote for the week was seen on Wednesday and Thursday at Jonesboro and Des Arc with each having an average of $8.90. End-of-the-week quotes saw the Friday closing day prices ranging from a low of $8.97 at Jonesboro and Des Arc to the high of $9.34 at Osceola. The ending quotes represented a range of 37 cents, 2 cents wider than the previous week closing range.
May trading in old crop (2016) soybeans began the month with an 11 cent gain over the last April trading day. Overall, the market weakened toward the end of May, reaching its statewide average high of $9.62 three times, on May 11, 16, and 17 before declining to close the month at $9..04 (Figure 3). The old crop market opened May 1 at $9.43. The May 31 last trading day average of $9.04 left the market with an overall loss of 39 cents for the month. The high individual daily market quote occurred on May 17 with Osceola at $9.88. The low individual daily market quote occurred on May 30 with Wynne at $8.80. Despite the downward trend to end the month, the overall statewide average for the month was $9.42 for old crop soybeans, a 12 cent improvement over April.
Trading in new crop (2017) soybeans moved similar to old crop (2016) beans for May (Figure 4). The new crop market opened on May 1 at $9.53 and generally held steady until midmonth with a peak statewide average of $9.58 on both May 16 and 17 before declining to end the month on May 31 at $9.08. The high individual daily market quote occurred on May 9 with Osceola and Helena at $9.77. The low individual daily market quote occurred at both Des Arc and Jonesboro on May 31 at a price of $8.90. Overall statewide average for the month was $9.46, an increase of 5 cents from the overall April 2017 average.
(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.)