By Bob Stark, Agricultural Economist
The Arkansas 2018 Crop Soybean Market began the past week with weekend and early day losses, but caught fire midweek and soared to levels not seen since late August. Price opened on Monday at a statewide average of $7.90 per bushel, a 14 cent decline from the Monday opening average of the previous week. Price lost another 6 cents on Tuesday, but then turned sharply higher through the remaining trading days of the week. The market closed on Friday at a statewide average of $8.31, an overall 37 cent gain from the previous Friday closing mark (Figure 1). High daily individual market price of the past week was $8.55 on Friday at Osceola. Low quote for the week was $7.54 on Tuesday at Wynne. End-of-the-week quotes saw the Friday closing day prices ranging from a low of $8.06 at Wynne to the high of $8.55 at Osceola. The ending quotes represented a range of 49 cents, a 2 cent narrowing from the previous week closing range. Only eleven markets submitted price quotes throughout the week as Old Town/Elaine did not report on Thursday or Friday and West Memphis provided no price quotation on Thursday. West Memphis did provide a Friday quote. All twelve reporting markets on Friday ended the week above the $8.00 level.
October cash trading in 2018 crop soybeans was mostly flat for the month except for a three day mid-month upward spurt. Price was seen to decline over the last six days of the month (Figure 2). The month began strongly with a 12 cent increase from the last trading day price in September. The opening day statewide average was $7.92, a gain of 8 cents from the September opening day average. The daily market average remained between $7.90 and $8.11 for seventeen of the twenty one trading days. The exceptions were a three day period of high prices spanning October 15-17 and a lone low day on October 30. Trading closed on October 31 at $7.90, 10 cents higher than the last trading day average in September. The high individual daily market quote of the month was $8.50 at Osceola on October 15. The low individual daily market quote was $7.54 at Wynne on October 30. The overall statewide average for October was $8.03 for the 2018 crop soybeans, 28 cents above the 2018 crop average in September.
(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.)