By Bob Stark, Agricultural Economist
USDA-NASS did not publish a Monday report in the past week and the Arkansas 2018 No. 2 Yellow Corn Cash Market lost 3 cents over the extended weekend period. Trading then remained mainly steady with only a Wednesday gain that was immediately returned on Thursday (Figure 1). Price opened on Tuesday at a statewide average of $3.50, a decline of only 8 cents from the previous week opening price after consecutive weeks of 24 cent losses. The market rose to a high of $3.55 on Wednesday before slumping to a Friday closing statewide average of $3.49, an overall loss for the week of 4 cents from the previous week closing day statewide average. Highest daily individual market price over the week was $3.73 at Pine Bluff on Wednesday. The low quote of the week was $3.37 at Old Town/Elaine on Tuesday. Closing day prices ranged from a low of $3.38 at Old Town/Elaine to a high of $3.68 at Pine Bluff. Individual market reporting remained consistent over the week of trading as six markets provided price quotes each day of the week. The ending quotes range of 30 cents was unchanged for the second straight week.
Cash trading in 2018 crop yellow corn began the month of August with a 9 cent loss from the last July trading day and opened at a $3.89 per bushel statewide average. Price rose over the second and third trading day before entering into a steep decline that continued throughout the remainder of August (Figure 2). The market closed on August 30 at a statewide average of $3.49, an overall loss of 49 cents for the month. The high individual daily quote of the month occurred on August 7 as Pine Bluff reported a quote of $4.15. The low individual daily market quote was $3.34 at Old Town/Elaine on August 14. The overall statewide average for August was $3.65 for the 2018 crop No. 2 yellow corn, a decline of 64 cents from the July monthly average. The 2018 corn crop market spanning the first eight months of 2019 now stands at an average of $3.90 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.)