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by Bob Stark, Professor Emeritus and Extension Economist, and Jeremy Ross, Professor and Extension Agronomist - Soybean - October 18, 2021
These reports comprise a weekly newsletter focusing on Arkansas soybean market economics. We look at cash market and forward pricing quotes from selected markets as reported to the USDA Agricultural Marketing Service in Arkansas.
The Arkansas 2021 Crop Soybean Cash Market began trading on Tuesday of the past week as USDA-AMS did not publish a Monday market report due to observing the Columbus Day Federal holiday. The market suffered a large weekend loss and a small Wednesday loss before turning around and finishing the week with daily, double-digit gains (Figure 1). The Arkansas cash market soybeans fell 41 cents over the extended holiday weekend and opened on Tuesday at $11.61. The market lost 3 more cents on Wednesday but gained 11 cents on Thursday and 20 cents on Friday to end the week. The Friday closing statewide daily average stood at $11.89 to finish the week, an overall loss of 13 cents from the previous Friday. The high individual daily market quote of the past week was $12.13 on Friday at West Memphis, one of just four markets exceeding the $12.00 level on that day. The low individual daily market quote was $11.10 at Little Rock on Wednesday. Closing cash price quotes on Friday ranged from an $11.53 low at Wynne to the high of $12.13 at West Memphis. The Friday closing day statewide range stood at 60 cents, a 20 cent contraction from the previous week's closing range. Overall market reporting remained solid with eleven major individual markets providing quotes each reported trading day.
Fig 1. Arkansas Soybean 2021 Crop Current Cash Market Prices (October 11, 2021 - October 15, 2021)
The Arkansas Soybean 2021 Crop Booking Market for December delivery followed the cash market with a large drop over the extended holiday weekend. Price continued to lower on Wednesday but partially reversed its losses with solid gains on Thursday and Friday (Figure 2). The 2021 crop booking price for December delivery beans fell 44 cents over the extended weekend to open on Tuesday at $12.23. The market lost another 4 cents on Wednesday before reversing its trend and rising 9 cents on Thursday and 11 cents on Friday to end the week. The market finished the week on Friday at a daily statewide average of $12.39, a 28 cent overall decline from the previous week's closing average. The high individual daily market quote of the past week was $12.42 on Friday at Helena. The low individual daily market quote was $12.16 at both Osceola and West Memphis on Wednesday. Closing booking price quotes on Friday ranged from a low of $12.36 at West Memphis to a high of $12.42 at Helena. The Friday closing day statewide range stood at 6 cents, 1 cent narrower than the previous Friday span. The price quotes continued to come from four individual markets providing quotes each trading day of the week.
Fig 2. Arkansas Soybean 2021 Crop December Booking Market Prices (October 11, 2021 - October 15, 2021)
(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.)