January 25, 2008

 

Argentina grains mixed on week; eye on US turmoil, wheat exports  

 

 

Argentine grain prices were mixed on the week at the Rosario Grain Exchange, with sharp losses and the partial rebound at the Chicago Board of Trade weighing on corn and soy futures, analysts said Thursday.

 

 Roagro analyst Carlos Boglioli wrote in a market commentary Thursday that while the grain fundamentals remain positive, the shadow of the recession in the US and lower demand are floating about and creating a confusing environment.

 

However, Argentina's wheat prices got a boost on expectations that the government would soon open up exports again.

 

Wheat prices climbed on expectations of an imminent reopening of the wheat export registry, Boglioli said.

 

Spot wheat sold for ARS570 (US$180.67) a tonne Thursday, up from ARS530 (US$168) a week ago.

 

Meanwhile, spot soy sold for ARS980 (US$3210) a tonne in Rosario Thursday, up from ARS970 (US$307) a week ago.

 

May 2008 soy closed at US$290 (US$92) a tonne, down from US$303 (US$96) last week.

 

Spot corn was traded at ARS445 (US$141) per tonne, down from ARS460 (US$146) a week ago.

 

March and April 2008 corn sold at US$144 a tonne, down from US$153 last Thursday.