By Bob Stark, Agricultural Economist
The past trading week for the Arkansas 2018 No. 2 Yellow Corn Cash Market opened well with a 5 cent weekend gain followed by an additional 3 cent gain on Monday, but price drifted lower through the midweek trading and closed on Friday with a significant loss (Figure 1). Corn opened on Monday at a statewide average of $4.51, a decrease of 9 cents from the previous week opening price. The market climbed to a $4.54 statewide average on Tuesday before entering a daily decline trend. Price fell 24 cents on Friday to close at a statewide average of $4.22, an overall loss of 24 cents compared to the previous week closing day statewide average. Highest daily individual market price over the past week was $4.71 at Osceola on Tuesday. The low quote of the week was $4.05 at Little Rock on Friday. Closing day prices ranged from the $4.05 low at Little Rock to a high of $4.35 at Old Town/Elaine. The ending quotes range of 30 cents was 8 cents narrower than the previous week, but this change could be partially attributed to the absence of the Osceola market that failed to submit a price quote on Friday. Osceola had been the high market each day from Monday through Thursday of the past week. With the loss of a quote from Osceola, only four markets concluded the week providing daily price quotes.
Cash trading in 2018 crop yellow corn began the month with a 10 cent loss from the last May trading day and opened at a $4.26 per bushel statewide average. Price initially stayed within an 8 cent range through the first six trading days before making a major, week long improvement that carred the market to its June daily statewide average high of $4.60 on June 17. The market held most of this gain until the last trading day when price fell 24 cents, closing at a statewide average of $4.22 (Figure 2). The high individual daily quote of the month occurred on June 17 as Osceola reported a quote of $4.78. The low individual daily market quote was $4.00 at Little Rock on June 5. The statewide average of $4.22 on the June 28 last trading report of the month represented a 14 cent decline from the last daily average in May. The overall statewide average for June was $4.41 for the 2018 crop No. 2 yellow corn, a 52 cent improvement over the May monthly average. The 2018 corn crop market spanning the first six months of 2019 now stands at an average of $3.89 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.)