January 18, 2008

 

Argentina grains up sharply on week following CBOT

 

 

Argentina grain prices posted solid gains on the week at the Rosario Grain Exchange Thursday, following sharp price spikes at the Chicago Board of Trade earlier in the week, according to analysts.

 

However, prices slipped from their highs later in the week in line with profit-taking in Chicago.

 

A trader in Chicago said that in the big picture, it looks like a global economic recession is occurring and as a result, some participants are taking profits and heading to the sidelines.

 

Spot soy sold for ARS970 (US$307.94) a tonne in Rosario Thursday, up from ARS925 (US$294) a week ago.

 

May 2008 soy closed at US$303 a tonne, up from US$290 last week.

 

Despite weakness in Chicago Wednesday and Thursday, Argentina soy prices remained firm due to competition between exporters and local processors to secure the beans, according to the exchange.

 

Meanwhile, spot wheat sold for ARS530 (US$168) a tonne Thursday, up from ARS490 (US$156) a week ago.

 

Spot corn was traded at ARS460 (US$146) a tonne, up from ARS435 (US$138) a week ago.

 

March and April 2008 corn sold at US$153 a tonne, up from US$145 last Thursday.