May 19, 2006

 

Argentina's soy prices down; corn up

 

 

Argentina's soy and corn prices ended mixed Thursday (May 18).

 

Cash soybeans sold for ARS520/tonne, down from ARS530/tonne a week ago.

 

Buyers offered May soy futures for US$177/tonne, down from US$180 a week earlier.

 

Farmers had collected 85.9 percent of the 2005/06 soybean crop by May 13, according to the Buenos Aires Cereals Exchange.

 

The USDA has forecast Argentina's 2005/06 soybean crop at a record 40.5 million tonnes while the Agriculture Secretariat sees output at 40 million tonnes. The Buenos Aires Exchange sees it at 40.4 million tonnes.

 

By May 16, Argentina had sold 4.582 million tonnes of 2005/06 soybeans.

 

 

Corn

 

Cash corn sold for as much as ARS273 per tonne Thursday in Rosario, up from ARS262/tonne a week ago.

 

Corn futures for delivery in March 2007 sold for US$87/tonne, up from US$85 a week earlier.

 

Farmers had harvested 65.8 percent of the 2005/06 corn crop by May 13, according to the Buenos Aires Exchange.

 

The USDA has forecast Argentina's new corn harvest at 15.5 million tonnes.

 

The Secretariat sees it at 14 million tonnes.

 

Last season, good weather and solid prices led farmers to harvest a record 19.5 million tonnes of corn, according to the USDA. The Secretariat says output last season totalled a record 20 million tonnes.

 

The Buenos Aires Exchange says farmers have planted 15.2 percent less corn than a year ago. It sees planted area at 2.23 million hectares, down from 2.62 million hectares the previous season.

 

As of May 12, Argentina had sold 3.85 million tonnes of 2005/06 corn, compared with 6.245 million tonnes of 2006/07 corn.