By Bob Stark, Agricultural Economist
The Arkansas 2018 No. 2 Yellow Corn Cash Market held steady over the weekend, but then entered into a sharp decline that extended through Thursday before a nice recovery on Friday to end the trading week (Figure 1). Corn opened on Monday at a statewide average of $4.16, unchanged from the previous week opening price. The subsequent daily losses took the market down to a statewide average low of $3.89 on Thursday. The market regained 7 cents on Friday to close at a statewide average of $3.96, an overall decline of 20 cents from the previous week closing day statewide average. Highest daily individual market price over the week was $4.25 at Pine Bluff on Monday. The low quote of the week was $3.73 at Little Rock on Thursday. Closing day prices ranged from a low of $3.80 low at Little Rock to a high of $4.08 at Pine Bluff. Individual market reporting was inconsistent over the week as Old Town/Elaine dropped out after Wednesday and Blytheville submitted one lone quote on Friday after not participating since April 30. The ending quotes range of 28 cents was 1 cent wider than the previous week. Only three markets provided price quotes each day of the week.
July 2019 Monthly Summary
Cash trading in 2018 crop yellow corn began the month with a 23 cent loss from the last June trading day and opened at a $3.99 per bushel statewide average, the first daily average under $4.00 since Memorial Day. Price then mounted a strong rally to gain 35 cents before the July 4th holiday and eventually reached $4.60 on July 12. The market then turned and generally declined through the rest July (Figure 2). The market closed on July 31 at a statewide average of $3.98, an overall loss of 24 cents for the month, but just 1 cent from its July 1 daily average. The high individual daily quote of the month occurred on July 12 as Osceola reported a quote of $4.82. The low individual daily market quote was $3.83 at Little Rock on July 31. The overall statewide average for July was $4.29 for the 2018 crop No. 2 yellow corn, 12 cents lower than the June monthly average. The 2018 corn crop market spanning the first seven months of 2019 now stands at an average of $3.94 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.)