By Bob Stark, Agricultural Economist
Old crop soybean price declined sharply over the past weekend and had an inconsistent trend through the trading week before regaining about half of its losses (Figure 1). The Arkansas 2019 Crop Soybean Cash Market opened on Monday at $8.94, 12 cents under the previous week opening day average and 13 cents under the previous week closing statewide average price. Price remained within 5 cents above or below that level before posting two straight days of gains that carried the statewide closing average to $9.01, an overall 6 cent loss from the previous week closing mark. The high individual market daily quote of the week was $9.33 on Friday at Osceola. Low quote of the week was $8.69 at Little Rock on Monday and Des Arc on Wednesday. The split primarily came from the addition of quotes from five individual markets on Wednesday to the four markets that reported on Monday and Tuesday. The Friday ending price range went from an $8.81 low at Des Arc to the high of $9.33 at Osceola. That put the ending quotes range at 52 cents, 16 cents wider than the previous week closing day of trade, but primarily due to the expansion of reporting markets. The four markets that opened the week providing quotes had a range widening of only 4 cents from the previous Friday.
The old crop loss for the week was initially mirrored as the Arkansas 2020 Crop Soybean Booking Market lost 15 cents over the past weekend, but the market regained strength on Tuesday and posted gains on each remaining day of trade (Figure 2). New crop booking price opened on Monday at a statewide average of $8.75, down 30 cents from the previous week opening day price. The market gained 2 to 9 cents each day, reaching a statewide closing average on Friday of $8.95, an overall gain of 5 cents compared to the previous week closing mark. High individual daily market quote for the past week was $9.15 at West Memphis on Friday. Low individual market quote of the week was $8.46 on Monday at Jonesboro. End-of-the-week quotes saw the Friday closing day prices ranging from a low of $8.66 at Jonesboro to the $9.15 high at West Memphis. The ending price quotes represented a range of 49 cents, 2 cents wider than the previous week closing range. The market received price quotes from all thirteen established market locations across the state for each reporting day of the past week.
(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.)