By Bob Stark, Agricultural Economist
The past week saw the Arkansas 2016 Soybean Cash Market fall 6 cents over the weekend and another 35 cents on Tuesday before entering into a midweek fluctuation of more than 10 cents each day. The market finally stabilized to end the week. Trading opened on Monday at a statewide average of $9.91, exactly equal to the previous Monday average. The price movements of the week lowered price on Friday to a statewide average of $9.57, a 40 cent decline from the previous Friday closing mark (Figure 1). High daily individual market price of the past week was observed on Monday with Osceola at $10.11. West Memphis reported $10.10 on the same day, the only other individual daily report of the week above $10.00. Low quote for the week was found at Stuttgart on Thursday with an average of $9.31 as Wynne ceased providing quotes on Monday. End-of-the-week reported quotes on Friday from the four reporting markets showed prices ranging from a low of $9.40 at Little Rock to a high of $9.66 at both Osceola and West Memphis. The extreme ending quotes covered a range of 26 cents, a 16 cent narrowing compared to the previous week closing spread. The large change may be due, in part, to the decline in number of reporting markets from eight to four.
The Arkansas 2017 Soybean Cash Market fell 6 cents over the past weekend to open trading on Monday at $9.97, one cent under the previous Monday. Price in the 2017 crop market suffered losses on four of the trading days and reached a Friday closing statewide average of $9.48 (Figure 2). High daily individual market price of the past week was observed on Monday with Blytheville, West Memphis, and Helena each at $10.13. Low quote for the week was seen on Friday at Jonesboro and Des Arc with each having an average of $9.29. End-of-the-week quotes saw the Friday closing day prices ranging from the low of $9.29 at Jonesboro and Des Arc to a high of $9.66 at Helena. The ending quotes represented a range of 37 cents, a 2 cent widening from the previous week closing range.
July 2017 Monthly Summaries
July trading in old crop (2016) soybeans began the month with a 31 cent gain over the extended July 4 Holiday compared to the last June trading day price. Overall, the market then strengthened through July 11, reaching a statewide average high of $10.17 before suffering a sharp decline to a July 13 price of $9.64. Price climbed again, reaching $10.06 on July 20 before falling to $9.75 on July 25. A final rally to close the month took price to $9.91 and left the market with an overall gain of 63 cents for the month. The high individual daily market quote occurred on July 11 with West Memphis at $10.30. The low individual daily market quote occurred on July 5 with Wynne at $9.43. The overall statewide average for the month was $9.88 for old crop soybeans, a 78 cent gain compared to June.
Trading in new crop (2017) soybeans again moved similar to old crop (2016) beans for July (Figure 4). The new crop market opened on July 5 at $9.83 and moved higher until reaching $10.29 on July 11. The market lost all of its gains and more over the next two days, reaching a monthly low of $9.73 on July 13 before posting another rally that pushed the statewide average to $10.14 on July 20. A second major period of decline lowered price to $9.82 on July 25 before an ending rally lifted the statewide average to a closing mark of $9.97 on July 31. The high individual daily market quote occurred on July 11 with Helena at $10.43. The low individual daily market quote occurred two days later at both Des Arc and Jonesboro with a price of $9.60. Overall statewide average for July was $9.98, an increase of 76 cents from the overall June 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.)