The 25 cent price decline over the weekend was followed by a 23 cent drop on Monday and the Arkansas 2016 Soybean Cash Market moved generally lower throughout the past trading week. Monday opening statewide average market price was $9.57, 8 cents below the previous week opening day mark. Price eventually fell to a Friday statewide closing average of $9.27, an overall 55 cent loss compared to the previous Friday closing mark (Figure 1). High daily individual market price of the past week was observed on Monday with Blytheville at $9.86. Low quote for the week was found at Old Town/Elaine on Friday with an average of $8.93, the only individual daily market quote under $9.00 during the past week. End-of-the-week price quotes on Friday from the seven reporting markets showed prices ranging from the low of $8.93 at Old Town/Elaine to a high of $9.40 at Pine Bluff. The extreme ending quotes covered a range of 47 cents, more than double the previous week closing spread of 23 cents. Old Town/Elaine was 27 cents under any other reporting market, suggesting a possible reporting error.
The Arkansas 2017 New Crop Soybean Market exhibited a similar movement pattern to the old crop market, but had a more limited variation. Price opened the week at $9.55, a decline of 18 cents over the weekend. This loss and a 19 cent drop on Tuesday were both smaller than the old crop movements. Price turned slightly higher on Wednesday and Friday around a Thursday decline and ultimately closed trading at a Friday statewide average of $9.33, an overall 40 cent fall from the previous Friday closing mark (Figure 2). High daily individual market price of the past week was $9.68, observed on Monday at Pendleton. Low quote for the week was $8.93 on Friday at Old Town/Elaine. That low quote was the only individual daily market quote of the week under $9.00 and was 22 cents under the next lowest market on that Friday. End-of-the-week quotes saw the Friday closing day prices ranging from the low of $8.93 at Old Town/Elaine to a high of $9.48 at Wynne. The ending quotes represented a range of 55 cents, a 28 cent widening from the previous week closing range.
September 2017 Monthly Summaries
September trading in old crop (2016) soybeans began the month with a 3 cent increase from the last August trading day price. The market jumped 18 cents higher over the Labor Day holiday break and then gradually lost the gain over the next two weeks. Price bottomed out on September 12 at $9.50 and began a climb that carried it to the September high of $9.82 on September 22. The remainder of the month was a period of sharp decline that dropped the statewide daily average to its monthly low of $9.27 on September 29, the last trading day of the month. The closing price left September with an overall loss of 20 cents for the month. The high individual daily market quote occurred on September 22 with Blytheville at $9.94. The low individual daily market quote was $8.93 at Old Town/Elaine on September 29. The overall statewide average for September was $9.57 for old crop soybeans, a 7 cent improvement compared to August.
Trading in new crop (2017) soybeans again moved similar to old crop (2016) beans for September, but within a narrower price range (Figure 4). The new crop market opened on September 1 at $9.44, rose 18 cents over the Labor Day holiday weekend, and then declined for almost two weeks. Price bottomed out on September 12 at $9.42 and then held steady for nine days before an increase on September 22 that carried it to the monthly high of $9.73, 9 cents under the old crop price. The market then entered a decline that continued through the end of the month, reaching the monthly low of $9.30 on September 28. A small price increase on the last trading day carried the market to its $9.33 closing average, 7 cents under the last daily average of July. The high individual daily market quote occurred on September 22 with Helena at $9.89. The low individual daily market quote occurred on the last day of trading with Old Town/Elaine at $8.93. Overall statewide average for September was $9.52, an increase of 10 cents from the overall August 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.)