By Bob Stark, Agricultural Economist and Jeremy Ross, Professor and Extension Agronomist – Soybeans
The 2019 crop soybean market closed its official USDA marketing year on September 30 in powerful fashion with a 32 cent gain. The closing quotes put a positive trend on price for the final month despite a decline from the September 18 peak (Figure 1). That top price took the market steadily higher from an opening day monthly low of $9.65. The market steadily declined from its September 18 high, eventually reaching $10.12 on the next to last trading day. The large gain on the final day carried the market to a closing statewide average of $10.44, an overall gain of 72 cents compared to the last August day of trade. Price averaged $10.14 for the month of September, an improvement of 88 cents over August. The price average for the nine months of 2020 finished the USDA marketing year at $8.81.
Looking at the last week of trade in the 2019 corn crop, quotes were received from seven individual markets on each of the three trading days. High individual market daily quote of the past short week was $10.62 on Wednesday at Osceola. Low quote of the week was $9.83 at Little Rock on Tuesday. The closing day ending price quotes ranged from a low of $10.14 at Little Rock to the high of $10.62 at Osceola. That range spanned 48 cents, an expansion of 8 cents from the previous week closing day of trade.
The 2020 soybean crop became the current cash market crop on October 1 with completion of the USDA 2019 crop marketing year. The 2020 crop price quotes had begun on November 15, 2019 with New Crop Booking Price quotes. The 2020 crop began the past week with a 6 cent weekend loss and opened on Monday at a statewide average of $10.00. A 3 cent loss on Tuesday carried the market to its daily low of the week, but price rose 32 cents on Wednesday and the market retained most of that gain through the remainder of the week. The Friday closing statewide average was $10.23, an overall gain of 17 cents for the week when compared to the previous week closing day average. High individual market daily price for the week was $10.69 at West Memphis on Wednesday. The low individual daily price was $9.69 and occurred on Tuesday at Jonesboro. Closing price quotes on Friday ranged from a low of $9.97 at Jonesboro, the only market closing the week under $10.00, to a high of $10.46 at Blytheville. The range of 49 cents was unchanged from the previous 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.)