By Bob Stark, Agricultural Economist and Jeremy Ross, Professor and Extension Agronomist – Soybeans
The 2020 crop soybean market closed October on a mostly downward trend despite price gaining 2 cents over the weekend. The market suffered three straight midweek days of decline before rallying on Friday to end the month (Figure 1). Price opened on the past Monday at a statewide average of $10.90, a margin of 33 cents above the previous week’s opening day price. Daily losses of 5, 23, and 7 cents, respectively, took the market down to A $10.56 average on Thursday. The Friday trading rally restored 5 cents to put the closing statewide average at $10.61, an overall 27 cent loss for the week as compared to the previous week closing day average. High individual market daily price for the past week remained well above the $11.00 level with $11.17 reported at West Memphis on Monday. The low individual daily price was $10.27 at Jonesboro on Thursday. Closing price quotes on Friday ranged from a low of $10.32 at Jonesboro to a high of $10.94 at Blytheville. The range of 62 cents was 13 cents wider than the previous week’s price span.
October 2020 Monthly Summary
The 2020 crop soybeans generally trended higher in October despite a decline over the last week (Figure 2). The statewide average price opened on October 1 at $10.27. High price for the month was a $10.90 statewide average on October 26. Price fell 29 cents from that peak over the next four days to a closing average of $10.61 on October 30. The closing average represented a 32 cent increase from the last September 2020 New Crop quote. The high individual daily market quote of October was $11.17 on October 26 at West Memphis. Low individual daily market quote was $9.97 at Jonesboro on October 2. A $9.98 quote on the following day from Jonesboro was the only other individual quote below $10.00 during the month. The overall October statewide average for 2020 soybeans was $10.59, a margin of 59 cents above the September 2020 crop average.
(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.)