By Bob Stark, Agricultural Economist
The Arkansas 2017 Crop Soybean Cash Market moved steadily higher for another week after losing 2 cents over the weekend. The market opened trading on Monday at a statewide average of $10.23, 9 cents above the previous, post-Presidents Day Tuesday opening price. Gains of 5 to 10 cents were made each day of the week as the market rose to a Friday statewide average of $10.51 to end the week (Figure 1). The ending average represented a 26 cent improvement over the previous week Friday closing average. High daily individual market price over the past week was $10.67 at Blytheville and Osceola on Friday. Low quote of the week was $10.04 at Wynne on Monday. End-of-the-week quotes saw Friday closing day prices ranging from a $10.31 low at Wynne to the high of $10.67 at Blytheville and Osceola. The ending quotes represented a range of 36 cents, a 2 cent widening from the previous week closing range. Twelve individual markets were providing price quotations to end the week with Pine Bluff being absent on Friday.
The Arkansas 2018 New Crop Soybean market gained 4 cents over the weekend and were able to sustain the gain through the week before making another jump on Thursday that held through the last trading day. New crop beans opened on Monday at a statewide average of $10.13, 7 cents above the previous week opening day average. The 2018 crop market held the gain until adding 9 more cents on Thursday. New beans ended the week at a statewide closing average of $10.21, a 12 cent increase above the previous week closing price (Figure 2). New beans price fell lower relative to the old beans price moving from 10 cents under on Monday to 30 cents under on Friday to close the week. High daily individual market price over the past week for the 2018 crop was $10.46 at West Memphis on Thursday. Low quote of the week was $9.91 at Wynne on Monday. End-of-the-week quotes saw the Friday closing day prices ranging from a low of $9.97 at Wynne to a high of $10.42 at West Memphis. The ending quotes represented a 45 cent range, 5 cents wider than the previous week closing range. Thirteen markets continue to provide booking price quotations throughout the week on 2018 soybeans.
February cash trading in 2017 crop soybeans began the month with a 15 cent decrease from the last January trading day price. The opening day statewide average was $9.67. The market moved lower through February 5 before adding 17 cents in one day. The gain was held over the next four days before beginning a sharp ascent that carried price to the $10.13 level entering Presidents Day weekend. The market resumed its climb after the holiday, eventually reaching $10.35 to close out February. Overall, old crop beans rose 69 cents during the month. The high individual daily market quote of the month was $10.55 and occurred on February 28 at West Memphis. The low individual daily market quote was $9.40 at Wynne on February 5. The overall statewide average for February was $9.99 for the 2017 crop soybeans, 35 cents above the January 2017 average.
The February market for 2018 New Crop Soybean Booking began the month with an 8 cent loss from the last January trading day. Price opened on February 1 at $9.82. The market moved sharply lower over the next two days before recovering 14 cents. A few more days of steady price launched he statewide average onto a rising trend, although not as steep as old crop beans. New crop booking price finished February at a statewide daily average of $10.14 on February 28 for an overall 24 cent gain over the last January trading day. The high individual daily market quote of the month was $10.35 on February 28 at Osceola. The low individual daily market quote of the month was $9.52 at Wynne on February 5. The overall statewide average for February was $9.96 for the 2018 new crop soybean booking price, a 23 cent improvement compared to the January 2018 monthly 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.)