By Bob Stark, Agricultural Economist
The Arkansas 2018 No. 2 Yellow Corn Cash Market started the past week with slight weakness, but quickly turned upward and reached a high not seen since August. The market lost 1 cent over the weekend and opened on Monday at a statewide average of $3.59, a loss of 2 cents from the previous Monday opening average. Price dropped 2 cents more on Tuesday, but then proceeded higher each remaining day of trading to a closing daily average of $3.68 on Friday (Figure 1). The closing average price left the market 8 cents over the previous Friday closing statewide average. Highest daily individual market price over the past week was $3.71 at both Pine Bluff and Little Rock on Friday. Low quote of the week was $3.47 at Blytheville on Wednesday, the last day that market submitted a price quote. End-of-the-week quotes saw Friday closing day prices ranging from a $3.63 low at Helena to the high of $3.71 at both Pine Bluff and Little Rock. The ending quotes represented a range of 8 cents, an 8 cent narrowing compared to the previous week closing range. The reporting individual market number fell to a total of four with Blytheville and Osceola dropping out midweek and Old Town/Elaine beginning to provide price quotations.
October cash trading in 2018 crop yellow corn began the month strongly with a 15 cent gain on the first trading day compared to the last September trading day average. The opening day statewide average was $3.57, an increase of 4 cents from the September opening day average. The market remained fairly stable throughout October, trading within a 9 cent range. Perhaps symbolic of the entire month, the market ended trading for October with a 1 cent gain day (Figure 2). Trading closed on October 31 at $3.58, an overall gain of 16 cents from the last daily average in September, but just 1 cent above the statewide daily average on the first October trading day . High individual daily market quote of the month was $3.78 at Little Rock on October 15. The low individual daily market quote was $3.40 at Blytheville on October 16. The overall statewide average for October was $3.61 for the 2018 crop No. 2 yellow corn, 20 cents over the 2018 crop average in September. The annual average for the 2018 corn crop spanning August, September, and October now stands at $3.71 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.)