By Bob Stark, Agricultural Economist
The Arkansas 2017 Crop Soybean Cash Market gained 8 cents over the extended Thanksgiving holiday weekend and opened on Monday at $9.72, 7 cents above the previous Monday opening price. The market suffered a steady decline through Thursday before regaining all of its losses in a Friday rally. Trading closed on Friday with a $9.74 statewide average, 10 cents above the previous week closing price on Tuesday and 8 cents above the November 17 Friday closing mark of two weeks ago (Figure 1). High daily individual market price over the past week was $9.98 at Helena on Friday, the only report from that location since November 3. $9.94 at Osceola on Monday was the high daily individual market price among markets providing quotes throughout the week. The low quote of the period was $9.46 at Wynne on Thursday. End-of-the-week quotes saw the Friday closing day prices ranging from a low of $9.54 at Wynne to the high of $9.98 at Helena. The ending quotes represented a range of 34 cents, a 4 cent narrowing from the previous week closing range. Thirteen individual markets are now providing price quotations with the reentry of Helena during this past week.
The past week was the first full week of reported booking price quotations for the Arkansas 2018 New Crop Soybean market. The market gained 5 cents over the extended Thanksgiving holiday weekend and opened on Monday at a statewide average of $9.85. The quote average also exactly equaled the Friday closing price of two weeks ago on November 17. Price followed a similar track to 2017 cash crop beans with small losses through Thursday and a Friday rally that erased all losses for the week. Trading closed on Friday at a statewide average of $9.88, an 8 cent improvement over the pre-Thanksgiving close. High individual market quote for the week was $10.03 at Osceola on Friday. West Memphis was the only other market to report a daily quote over $10.00 at $10.02, also on Friday. The low quote of the week was $9.67 at Jonesboro and Des Arc on Thursday. Nine markets are currently providing booking price quotes. The weekly closing prices on Friday ranged from a low of $9.75 at both Jonesboro and Des Arc to the $10.03 high at Osceola, a span of 28 cents, 2 cents wider than the last pre-Thanksgiving trading day.
November 2017 Monthly Summary
November cash trading in 2017 crop soybeans began the month with a 7 cent increase from the last October trading day price to open at $9.49. The market fluctuated initially before posting four straight days of gains prior to the Veterans Day holiday. Post holiday losses were fully recovered by November 17 and the market generally held its gains through the end of the month. Price finished the month at a statewide daily average of $9.62 on November 30 for an overall 20 cent gain over the month. The high individual daily market quote of the month was $9.90 and occurred on both November 27 and 28 at West Memphis and November 17 at Osceola. The low individual daily market quote was $9.21 at both Jonesboro and Des Arc on November 14. The overall statewide average for November was $9.94 for the 2017 crop soybeans, a 2 cent improvement compared to October.
The first monthly summary for 2018 new crop booking prices will be compiled at the end of December when the first full month of trading has been completed.
(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.)