By Bob Stark, Agricultural Econonomist
The Arkansas 2018 No. 2 Yellow Corn Cash Market saw a modest weekend gain before steadily weakening over the past week. This summary ends with the Thursday trading results since USDA-AMS did not issue a report on Friday. Price rose 2 cents over the weekend and then gave all of it back over the remaining days of the short trading week. Corn opened on Monday at $3.82, 7 cents above the previous Monday level, and ended the short trading week at $3.78, 2 cents above the previous Friday closing statewide average (Figure 1). Highest daily individual market price over the past week was $4.00 at Pine Bluff on Monday. Low quote of the week was $3.59 at Little Rock on both Wednesday and Thursday. Closing day prices ranged from the low of $3.59 at Little Rock to a high of $3.99 at Pine Bluff. These ending quotes represented a range of 40 cents, 5 cents wider than the previous week closing range. Five markets provided quotes each day of the week and two others were added to the group midweek. The market ended the week with a total of seven markets providing price quotes.
March cash trading in 2018 crop yellow corn began the month with some price improvement, but eventually moved lower over the first two weeks. The weakness was fully overcome by mid-month and price held generally steady through the second half (Figure 2). The market opened March with a statewide average of $3.75, 10 cents under the last February quote. Price fell as low as $3.61 on March 11 before recovering its losses. The high daily average of the month occurred on March 25 as price reached $3.82. The last trading report of the month occured on March 28 at $3.78, an overall 6 cent improvement from the last daily average in February. High individual daily market quote of the month was $4.00 at Pine Bluff on March 25. The low individual daily market quote was $3.47 at Little Rock on March 11. The overall statewide average for March was $3.75 for the 2018 crop No. 2 yellow corn, 9 cents lower than the February monthly average. The 2018 corn crop market spanning the first three months of 2019 now stands at an average of $3.80 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.)