May 23, 2008

Argentine grain trade resumes after strike

 

 

Argentine soy and corn prices slipped Thursday in line with the CBOT, with trade muted due to uncertainty ahead of negotiations between farmers and the government slated for Thursday (May 22, 2008) evening, according to analysts.

 

After 13 days without operating due to a farmer strike, the Rosario Grain Exchange resumed trade Wednesday. Farmers lifted the strike Wednesday to facilitate negotiations with the government.

 

Farm leaders are scheduled to start talks with Cabinet Chief Alberto Fernandez at 6 p.m. local time (2100 GMT).

 

"Uncertainty over the progress of negotiations reduced the trade volume," the Rosario Grain Exchange said.

 

 

Soy

  

Spot soy sold for 870 Argentine pesos (US$277.30) a tonne in Rosario Thursday, down from ARS900 Wednesday.

 

July beans sold for ARS880, down from ARS910.

 

 

Corn

  

Spot corn was traded at ARS515 a tonne in Rosario Thursday, down from ARS525 Wednesday.

  

 

Wheat

  

Wheat prices posted the only gains. Spot wheat with a minimum gluten count of 28 sold for ARS740 Thursday, up from ARS730.