By Bob Stark, Agricultural Economist
The past trading week began on Tuesday as the market observed the Memorial Day holiday on Monday. The Arkansas 2018 No. 2 Yellow Corn Cash Market gained 30 cents over the extended weekend and opened on Tuesday at $4.26, 32 cents above the previous week opening trading day statewide average (Figure 1). Trading during the short week showed some initial weakness, but had a Thursday uptick that left the market on Friday at $4.36, an overall gain for the week of 40 cents compared to the previous week closing average. Highest daily individual market price over the past week was $4.57 at Osceola on Friday. Low quote of the week was $4.04 at Little Rock on Wednesday. The closing day prices ranged from a low of $4.12 at Little Rock to a high of $4.57 at Osceola. These ending quotes represented a range of 45 cents, 15 cents wider than the previous week closing range. Six markets provided daily price quotes for the majority of the past week.
May cash trading in 2018 crop yellow corn began the month with a 3 cent gain over the last April trading day and opened at a $3.68 per bushel statewide average. Price initially stayed in the $3.70’s before suffering a downturn totaling 12 cents over May 9 and 10 that took the market to its monthly low of $3.57. Price then began a climb that continued through the end of the month (Figure 2). The high individual daily quote of the month occurred on May 31 as Osceola reported a quote of $4.57. The last trading report of the month on May 31 had a statewide average of $4.36, an overall 71 cent increase from the last daily average in April. The low individual daily market quote was $3.42 at Little Rock on May 10. The overall statewide average for May was $3.89 for the 2018 crop No. 2 yellow corn, 24 cents above the April monthly average. The 2018 corn crop market spanning the first five months of 2019 now stands at an average of $3.79 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.)