By Bob Stark, Agricultural Economist
The Arkansas 2017 Crop Soybean Cash Market continued to show modest strength with a 1 cent gain over the long, Presidents Day weekend followed by a nice gain that held through the remainder of the week. The market opened trading on Tuesday at a statewide average of $10.14, 24 cents above the previous Monday opening price. A 7 cent gain on Wednesday was fully held with the market closing on Friday at a statewide average of $10.25 (Figure 1). The average to end the week represented a 12 cent improvement over the previous week closing average on Thursday. High daily individual market price over the past week was $10.40 at West Memphis and Osceola on Friday. Low quote of the week was $9.97 at Wynne on Tuesday, the only sub-$10.00 daily market price quotation in the state for the week. End-of-the-week quotes saw Friday closing day prices ranging from a $10.06 low at Wynne to the high of $10.40 at West Memphis and Osceola. The ending quotes represented a range of 34 cents, unchanged from the previous week closing range. Thirteen individual markets continue to provide price quotations.
The Arkansas 2018 New Crop Soybean market continued to strengthen over the past week of trading. New crop beans gained 2 cents over the extended, Presidents Day weekend to open at a statewide average of $10.06, 12 cents above the previous week opening day average. The 2018 crop market only moved slightly higher over the remaining trading days and ended the week at a statewide closing average of $10.09, a full 5 cents above the previous week closing price and the first week where the statewide market average exceeded the $10.00 level every trading day (Figure 2). New beans price fell lower relative to the old beans price moving from 8 cents under on Tuesday to 16 cents under on Friday to close the week. High daily individual market price over the past week for the 2018 crop was $10.28 at West Memphis on Thursday and Friday and Helena on Friday alone. Low quote of the week was $9.85 at Wynne on Tuesday. End-of-the-week quotes saw the Friday closing day prices ranging from a low of $9.88 at Wynne to the high of $10.28 at West Memphis on Thursday and Friday and Helena on Friday. The ending quotes represented a 40 cent range, unchanged from the previous week closing range. Thirteen markets continue to provide booking price quotations throughout the week on 2018 soybeans.
(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.)