By Bob Stark, Agricultural Economist and Jeremy Ross, Professor and Extension Agronomist – Soybeans
Old crop soybean price rose 7 cents over the past weekend, continued higher as the week went forward, and saw only a limited correction on Friday to end the week (Figure 1). The Arkansas 2019 Crop Soybean Cash Market opened on Monday at $8.97, 1 cent over the previous week opening day average. Price steadied more firmly on Tuesday, but then posted double digit gains on both Wednesday and Thursday. A Friday price correction by the market took the statewide closing average to $9.22, an overall 32 cent gain from the previous week closing mark. The high individual market daily quote of the week was $9.43 on Thursday at Osceola. Low quote of the week was $8.73 at Little Rock on Monday. Four markets provided quotes on each trading day of the past week. Pine Bluff only submitted a quote on Friday, thus possibly skewing the closing day price spread relative to Thursday. The Friday ending price quotes across the five reporting markets ranged from an $8.99 low at Little Rock to a high of $9.41 at Osceola. That put the ending quotes range at 42 cents, 9 cents wider than the previous week closing day of trade. Omitting the Pine Bluff quote on Friday would not have changed the price spread range, but would have lessened the daily average decline on Friday from 5 cents to 1 cent.
The Arkansas 2020 Crop Soybean Booking Market had daily quotes this week from 12 major locations across the state as Helena failed to submit daily prices after Monday. Price rose 6 cents over the weekend and retreated 2 cents on Tuesday before posting solid gains on Wednesday and Thursday. A market price correction on Friday still left new crop soybeans well above the previous week (Figure 2). New crop booking price opened on Monday at a statewide average of $8.76, down 22 cents from the previous week opening day price. New crop bookings lost 2 more cents on Tuesday, but 10 and 18 cent gains, respectively, on Wednesday and Thursday more than offset the early losses and carried the market higher. New crop booking price dropped back 2 cents on Friday and ended the week at a statewide closing average of $9.00, an overall gain of 30 cents as compared to the previous week closing mark. High individual daily market quote for the past week was $9.25 on Thursday at West Memphis and Osceola. Low individual market quote of the week was $8.49 on Monday at Jonesboro. End-of-the-week quotes saw the Friday closing day prices ranging from a low of $8.75 at Jonesboro to a $9.24 high at West Memphis. The ending price quotes represented a range of 49 cents, 3 cents wider than the previous week closing range.
(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.)