By Bob Stark, Agricultural Economist
An early price decline over the weekend and Tuesday of the past week was quickly overcome by the Arkansas 2016 Soybean Cash Market with a strong upward trend to end the week. The Monday opening statewide average market price of $9.65 was 4 cents under the previous Friday closing price. The market moved 4 cents lower on Tuesday to a weekly low of $9.61 before starting to rise. The peak for the week occurred on Friday as the market posted a Friday statewide closing average of $9.82, an overall 13 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 Friday with Blytheville at $9.94. Low quote for the week was found at Pine Bluff on Tuesday with an average of $9.53. End-of-the-week price quotes on Friday from the seven reporting markets showed prices ranging from a low of $9.71 at both Pine Bluff and Little Rock to the high of $9.94 at Blytheville. The extreme ending quotes covered a range of 23 cents, unchanged from the previous week closing spread.
The Arkansas 2017 New Crop Soybean Market tracked 7 to 9 cents under the old crop market over the past week. Price opened the week at $9.58, 1 cent under the previous Friday closing mark, but 6 cents over the previous week opening. A 4 cent loss on Tuesday was recovered on Wednesday and the market continued higher each day to a Friday statewide average of $9.73, an overall 14 cent improvement from the previous Friday closing mark (Figure 2). High daily individual market price of the past week was $9.89, observed on Friday at Helena. Low quote for the week was $9.44 occurring on Tuesday at both Jonesboro and Des Arc. End-of-the-week quotes saw the Friday closing day prices ranging from a low of $9.62 at both Jonesboro and Des Arc to the high of $9.89 at Helena. The ending quotes represented a range of 27 cents, a 2 cent widening from the previous week closing range.
(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.)