By Bob Stark, Agricultural Economist
The Arkansas 2018 No. 2 Yellow Corn Cash Market posted a weekend gain and then held a portion of that gain for the remainder of the past week. A weekend gain of 14 cents pushed the market to an opening price of $3.71 this past Monday, an improvement of 9 cents over the previous week opening day price. The market weakened slightly on Tuesday, but then remained steady for most of the remaining week (Figure 1). Price ended the week at a statewide average of $3.72, an overall 15 cent gain from the previous week closing mark. Highest daily individual market price for the week was $4.01 at Pine Bluff on Tuesday, the first individual market quote above $4.00 since August 7. Low quote of the week was $3.55 at Old Town/Elaine on Monday. Closing day prices ranged from a low of $3.60 at Old Town/Elaine to a high of $3.85 at Pine Bluff. The 25 cent range was 5 cents narrower than the previous week closing range. Only five markets were providing price quotes at the end of the week.
Cash trading in 2018 crop yellow corn began the month of September with inconsistent reporting as USDA-AMS observed the September 2 Labor Day holiday and then failed to publish reports on September 3, 4, and 6. The first quotes and statewide average were provided on September 5 with price at $3.37, a 12 cent decline from the last August trading day. Price followed a solid upward trend throughout September and finished at the monthly high of $3.71 on September 30 (Figure 2). The market closing price left the statewide average with an overall gain of 23 cents for the month over the last August trading day average. The high individual daily quote of the month occurred on September 30 as Pine Bluff reported a quote of $3.93. The low individual daily market quote was $3.24 at Old Town/Elaine on September 9. The overall statewide average for September was $3.55 for the 2018 crop No. 2 yellow corn, a decline of 10 cents from the August monthly average. The 2018 corn crop market spanning the first nine months of 2019 now stands at an average of $3.85 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.)