By Bob Stark, Agricultural Economist and Jeremy Ross, Assistant Professor/Extension Agronomist – Soybean
The Arkansas 2019 Crop Soybean Cash Market suffered a 16 cent loss over the weekend and was only able to regain less than half of the loss before USDA-AMS reporting ended with the Wednesday Arkansas Daily Grain Report (Figure 1). The Arkansas 2019 Crop Soybean Cash Market opened the past week on Monday at a statewide average of $8.73, 17 cents under the previous week opening price. Price moved 4 cents higher on Tuesday and reclaimed another 2 cents on Wednesday to close at a statewide average of $8.79, an overall decline of 10 cents from the previous week closing average. High daily individual market quote of the shortened past week was $9.10 on Wednesday at West Memphis. Low quote of the week was $8.34 at Wynne on Monday. End-of-the-week quotes saw prices ranging from a low of $8.41 at Wynne to the high of $9.10 at West Memphis. The ending quotes range was 69 cents, 1 cent narrower than the previous week. The market received price quotes from twelve locations each trading day of the past week.
The Arkansas 2020 Crop Soybean Booking Market moved in close coordination with the old crop market, falling 12 cents over the weekend to an opening statewide average of $8.95 on Monday, the first daily statewide average under $9.00 since January. The market partially recovered its losses on Tuesday and Wednesday before USDA-AMS reporting stopped. High daily individual market quote of the shortened past week was $9.23 on Wednesday at both Osceola and Helena. Low quote of the week was $8.55 on Monday at Wynne. End-of-the-week quotes saw the early closing day prices ranging from a low of $8.63 at Wynne to the $9.23 highs at Helena and Osceola. The ending price quotes represented a range of 60 cents was unchanged from the previous week closing range. The market received price quotes from thirteen major locations across the state for all reporting days of the past week.
The steadily downward price trend of January cash trading in 2019 crop soybeans was replaced in February with a somewhat higher trend. The market opened the month at a first day statewide average of $8.65, 3 cents under the last January trading day average. Price rose to mid-month before falling sharply for four straight days. A two day recovery carried the market to a February closing day average of $8.79, 11 cents above the last January trading day. The high individual daily market quote of the month was $9.27 and occurred on February 19 at Osceola. The low individual daily market quote was $8.34 at Wynne on February 24. The overall February statewide average for 2019 soybeans was $8.81, 35 cents under the January 2020 average.
The February market for 2020 New Crop Soybean Booking began the month well with a 5 cent gain over the last January trading day average. Price remained fairly steady until mid-month when a strengthening was seen immediately prior to the extended President’s Day holiday. The gains were all given back, and more, through the next week of trade before the market reversed course to end the month with two “up” days. The high individual daily market quote of February was $9.34 and occurred on February 13 at both Helena and West Memphis. The low individual daily market quote of the month was $8.55 and occurred on February 24 at Wynne. The overall statewide average for February was $9.04 for the 2020 new crop soybean booking price, a 30 cent decline compared to January 2020.
(Market average prices stated in this report are unweighted averages of the state markets surveyed by USDA-AMS. Price data was based on USDA LR GR111 Arkansas Daily Grain Reports.)