By Bob Stark, Agricultural Economist and Jeremy Ross, Professor and Extension Agronomist – Soybean
Old crop soybean price rose 5 cents over the past weekend and basically held that gain throughout the trading week (Figure 1). USDA-AMS did not publish an Arkansas Daily Grain Report on Tuesday of this past week so only four days of quotations were available for market analysis. The Arkansas 2019 Crop Soybean Cash Market opened on Monday at $9.06, 12 cents over the previous week opening day average. Price was shown down 5 cents on Wednesday, regained that loss and more by moving 7 cents higher on Thursday, and gave back 2 cents on Friday to end the week at a statewide closing average of $9.06, an overall 5 cent gain from the previous week closing mark. The high individual market daily quote of the week was $9.46 on both Thursday and Friday at Osceola. Low quote of the week was $8.82 at Des Arc on Wednesday. The Friday ending price quotes ranged from an $8.88 low at Des Arc to the high of $9.46 at Osceola. That put the ending quotes range at 58 cents, 6 cents wider than the previous week closing day of trade. Eight markets provided price quotes each day of the past week and Helena submitted a lone quote on Monday before dropping out of the reporting group this past week. Old crop soybeans have done well thus far in July with a gain of 13 cents over the July 1 opening statewide average price.
The old crop and new crop prices have moved closer as we pass the middle of the 2020 growing season with the old crop cash price about 5 cents above the new crop booking price. The Arkansas 2020 Crop Soybean Booking Market exactly matched the 5 cent old crop weekend gain and moved down and up almost in lock step with the old crop cash price (Figure 2). New crop booking price opened on Monday at a statewide average of $9.00, up 25 cents from the previous week opening day price. With the absence of a USDA-AMS Arkansas Daily Grain Report on Tuesday, the market on Wednesday was 5 cents lower compared to Monday’s opening average. New crop bookings regained that 5 cents on Thursday and held steady on Friday to end the week at a statewide closing average of exactly $9.00, an overall gain of 5 cents compared to the previous week closing mark. High individual daily market quote for the past week was $9.24 on Friday at Blytheville and both Thursday and Friday at Osceola. Low individual market quote of the week was $8.67 on Wednesday at Jonesboro. End-of-the-week quotes saw the Friday closing day prices ranging from a low of $8.70 at Jonesboro to the $9.24 high at both Blytheville and Osceola. The ending price quotes represented a range of 54 cents, 5 cents wider than the previous week closing range. The market received price quotes from twelve market locations across the state for each reporting day of the past week. Helena provided a quotation on Monday, but was missing for the remainder of the week. New crop booking price has not kept pace with the old crop cash market gains in July, adding only 2 cents at this point to its July 1 statewide average price.
(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.)