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01
Oct
2018
Arkansas soybean market report for September 24-28, 2018
Author: Bob Stark, Agricultural Economist

By Bob Stark, Agricultural Economist

A 5 cent weekend loss in the Arkansas 2017 Crop Soybean Cash Market was immediately recovered in Tuesday trading and led to an upward price trend through most of the past week. Price did fall 9 cents on Friday to a closing statewide average of $7.82, but that price represented a 3 cent improvement from the prior week closing mark (Figure 1).  The high daily individual market price over the past week was $8.05 reported at West Memphis and Old Town/Elaine on Thursday.  Low quote of the week was $7.63 at Pine Bluff on Monday. End-of-the-week quotes saw Friday closing day prices ranging from a $7.72 low at both Jonesboro and Des Arc to a high of $7.96 at both Old Town/Elaine and Helena.  The ending quotes represented a range of 24 cents, 9 cents wider than the previous week range.  Eleven individual markets continued to provide price quotations.

Figure 1. AR 2017 Crop Soybean Cash Market Prices (Sept. 24-28, 2018)

Figure 1. AR 2017 Crop Soybean Cash Market Prices (Sept. 24-28, 2018)

The Arkansas 2018 New Crop Soybean market moved in an identical pattern but 2 cents below the old crop soybean price.  A 5 cent decline over the weekend was recovered in a 7 cent Tuesday gain.  Price rose daily through the week before falling 9 cents on Friday (Figure 2).  New crop beans opened on Monday with a statewide average of $7.72, a 15 cent margin over the previous Monday average.  The Daily Average Price peaked on Thursday at $7.89 before falling to a closing statewide average of $7.80, 3 cents above the previous week closing price.  High daily individual market price over the past week was $8.05 at West Memphis and Old Town/Elaine on Thursday.  Low quote of the week was $7.54 at Pine Bluff on Monday. End-of-the-week quotes saw Friday closing day prices ranging from a low of $7.66 at Wynne to a high of $7.96 each at Old Town/Elaine, Helena, and West Memphis.  The ending quotes represented a 30 cent range, 7 cents wider than the previous week closing range.  All thirteen of the usual markets provided booking price quotations in the past week.

Figure 2. AR 2018 New Crop Soybean Booking Prices (Sept. 24-28, 2018)

Figure 2. AR 2018 New Crop Soybean Booking Prices (Sept. 24-28, 2018)

September cash trading in 2017 crop soybeans was generally flat for the month except for a three day mid-month decline and a high day toward the end of the month.  Price quickly returned to the monthly trend line following both periods (Figure 3). The month began with a 2 cent increase from the last August trading day price.  The opening day statewide average following the Labor Day Holiday was $7.85, a gain of 9 cents from the August opening day average.  A generally steady price pattern through the month was seen as the daily market average remained between $7.64 and $7.85 for fifteen of the eighteen trading days.  The exceptions were a two day period of low prices spanning September 17-18 and a lone high day on September 27.  Trading closed on September 28 at $7.82, an overall 1 cent loss for the month.  The high individual daily market quote of the month was $8.05 at West Memphis and Old Town/Elaine on September 27.  The low individual daily market quote was $7.36 at Pine Bluff on September 18.  The overall statewide average for September was $7.76 for the 2017 crop soybeans, 60 cents under the 2017 crop average in August.

Figure 3. Monthly Summary - AR 2017 Crop Soybean Cash Prices (Sept. 3-28, 2018)

Figure 3. Monthly Summary – AR 2017 Crop Soybean Cash Prices (Sept. 3-28, 2018)

September cash trading in 2018 crop soybeans was generally flat for the month except for a three day mid-month decline and a single high day toward the end of the month.  Price quickly returned to the monthly trend line following both periods (Figure 4). The month began mildly with a 1 cent increase from the last August trading day price.  The opening day statewide average following the Labor Day Holiday was $7.84, a 12 cent increase from the August opening day average.  A generally steady price pattern through the month was seen as the daily market average remained between $7.67 and $7.84 for fourteen of the eighteen trading days.  The exceptions were a three day period of low prices spanning September 17-19 and a lone high day on September 27.  Trading closed on September 28 at $7.80, a 3 cent overall loss for the month. The high individual daily market quote of the month was $8.05 at West Memphis and Old Town/Elaine on September 27. The low individual daily market quote was $7.28 at Pine Bluff on September 18.  The overall statewide average for September was $7.75 for the 2017 crop soybeans, 58 cents under the 2017 crop average in August.  Overall average price from January 2 through the end of September for the 2018 crop declined to $9.36.

Figure 4. Monthly Summary - AR 2018 New Crop Soybean Booking Prices (Sept. 3-28, 2018)

Figure 4. Monthly Summary – AR 2018 New Crop Soybean Booking Prices (Sept. 3-28, 2018)

(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.)


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