By Bob Stark, Agricultural Economist
The Arkansas 2016 Soybean Cash Market lost 4 cents over the weekend and opened this past Monday at a $9.45 statewide average market price, 1 cent under the previous Monday opening average. The market fell 2 to 3 cents per day through Wednesday before rallying to regain all of its losses and ending the week at a Friday statewide average of $9.50, an overall 1 cent gain for the week compared to the previous Friday closing mark (Figure 1). High daily individual market price of the past week was observed on Tuesday with West Memphis at $9.62. Low quote for the week was found at Little Rock on Wednesday with an average of $9.28. Friday market quotes added reports from Blytheville and Helena to the old crop price observations. End-of-the-week price quotes on Friday from the seven reporting markets showed prices ranging from a low of $9.40 at Little Rock to a high of $9.58 at Osceola. The extreme ending quotes covered a range of 18 cents, unchanged from the previous week closing spread.
The Arkansas 2017 New Crop Soybean Market matched the 4 cent weekend loss in the old crop market and continued lower through Wednesday before rallying through the last two trading days of the week. The weekend loss put the Monday opening statewide average at $9.38, an increase of 6 cents above the previous Monday average. The early week losses took the average statewide market price to a low of $9.30 on Wednesday. The late week rally recovered all of the early week losses and took the Friday statewide average to $9.44, an overall 2 cent improvement from the previous Friday closing mark (Figure 2). High daily individual market price of the past week was $9.55, observed on Friday at Blytheville, Helena, and Osceola. Low quote for the week was $9.13 occurring on Wednesday at Wynne. End-of-the-week quotes saw the Friday closing day prices ranging from a low of $9.30 at Wynne to the high of $9.55 at Blytheville, Helena, and Osceola. The ending quotes represented a range of only 25 cents, a 9 cent narrowing from the previous week closing range.
August 2017 Monthly Summaries
July trading in old crop (2016) soybeans began the month with a 35 cent decline from the last July trading day price. The market initially staggered to open the month before moving up to its August high of $9.74 on both August 8 and 9. Price declined sharply for the next week to the monthly low of $9.29 on August 15. A late month rally lifted price to $9.52 by August 24 before the market sagged again for a week. Last trading day average reached $9.47 to end the month, an overall loss of 44 cents for the month. The high individual daily market quote occurred on August 9 with West Memphis at $9.84. The low individual daily market quote occurred on August 15 with Little Rock at $9.14. The overall statewide average for August was $9.50 for old crop soybeans, a 38 cent decline compared to July.
Trading in new crop (2017) soybeans again moved similar to old crop (2016) beans for August (Figure 4). The new crop market opened on August 1 at $9.62, rose the next day to it August daily high of $9.68, and then fell sharply. After two straight days at the lower price, the market posted gains to recover almost all of its losses. But price entered a week of declining daily averages to the August daily low of $9.18 on August 15. A nine day rally moved price to $9.45 on August 24 before another week of lower prices almost closed out the month. A price increase on the last trading day carried the market to its $9.40 closing average, 22 cents under the August 1 average and 57 cents under the last daily average of July. The high individual daily market quote occurred on August 2 with West Memphis at $9.86. The low individual daily market quote occurred on August 15 with Jonesboro at $8.93. Overall statewide average for August was $9.42, a decrease of 56 cents from the overall July 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.)