By Bob Stark, Agricultural Economist
Reporting resumed at USDA-NASS this past week after having no reports for the week of October 21-25. The Arkansas 2018 No. 2 Yellow Corn Cash Market had lost 5 cents from its last reporting day of October 18 and opened on this past Monday at $3.86. The market gained until midweek and then gave back part of those gains to close the week. Closing price on Friday stood at a statewide average of $3.93 (Figure 1). The closing price represented a 2 cent improvement over the October 18 statewide average. Highest daily individual market price for the past week was $4.05 at Osceola on Wednesday. Low quote of the week was $3.79 at Old Town/Elaine on Monday. Friday closing prices were “thin” with only three markets reporting. The low was $3.89 at Little Rock and the high was $3.99 at Old Town/Elaine. The 10 cent range was probably not representative of the full market given the absence of half of the normal reporting markets.
Cash trading in 2018 crop yellow corn began the month of October with a price surge that quickly evaporated. Inconsistent reporting by USDA-AMS made price analysis difficult as no report was filed on seven weekdays plus no report on the Columbus Day holiday. Price quotes on October 1 had the statewide average at $3.86, a 15 cent improvement over the last September trading day. Price fell to $3.72 by October 4 before starting a modest upward trend that generally continued through the end of the month (Figure 2). The market closing price of $3.98 left the statewide average with an overall gain of 27 cents for the month over the last September trading day average. The high individual daily quote of the month occurred on October 30 as Helena reported a quote of $4.05. The low individual daily market quote was $3.60 at Old Town/Elaine on October 4. The overall statewide average for October was $3.87 for the 2018 crop No. 2 yellow corn, an increase of 31 cents from the September monthly average. The 2018 corn crop market spanning the first ten months of 2019 remains 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.)