By Bob Stark, Agricultural Economist
The Arkansas 2018 No. 2 Yellow Corn Cash Market continued to show the modest rate of improvement begun in the previous week in spite of a Friday closing decline. The market gained 4 cents over the weekend to open on Monday at a statewide average of $3.41, a price 11 cents over the first day of trading in the previous week. Price gained 4, 1, and 4 cents, respectively through the middle of the week before giving back 8 cents on Friday (Figure 1). The daily market averages peaked on Thursday at $3.50 before settling for a closing statewide average of $3.42 on Friday. The closing mark was 5 cents above the previous Friday closing statewide average. Highest daily individual market price over the past week was $3.60 at Pine Bluff on Thursday. Low quote of the week was $3.32 at West Memphis on Monday. End-of-the-week quotes saw Friday closing day prices ranging from a $3.34 low at Osceola to a high of $3.51 at Pine Bluff. The ending quotes represented a range of 17 cents, a 6 cent narrowing compared to the previous week closing range. Seven individual markets provided price quotations throughout the entire week.
September cash trading in 2018 crop yellow corn began the month strongly with a 7 cent gain over the Labor Day Holiday weekend compared to the last August trading day average. The opening day statewide average was $3.53, a decline of 11 cents from the August opening day average. The market remained in the low $3.50’s until September 11 when a 15 cent decline occurred. Price tumbled sharply lower to a monthly low of $3.22 on September 18 before posting a seven straight day rally that returned all of those losses. The market ended trading for the month with an 8 cent loss day (Figure 3). Trading closed on September 28 at $3.42, an overall decline of just 4 cents from the last daily average in August. High individual daily market quote of the month was $3.60 at Pine Bluff on September 27. The low individual daily market quote was $3.08 at both West Memphis and Old Town/Elaine on September 18. The overall statewide average for September was $3.41 for the 2018 crop No. 2 yellow corn, 17 cents under the 2018 crop average in August. The annual average for the 2018 corn crop spanning August and September now stands at $3.72 per bushel.
(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.)