May 26, 2008

 
US soy futures shot up due to concerns of more Argentine protests

US soy futures surged by almost 50 cents a bushel on Friday after the Argentina government failed to resolve farmers' protests.

US analysts said soy prices were boosted by news reports that farmers have temporarily halted the strike but failed to end the dispute at a meeting Thursday night with government officials.

Elaine Kub, grains analyst with DTN in Omaha, said reports of the dispute have stirred concerns that Argentine soy will not make it to global markets.

Soy for July delivery jumped 44.25 cents to US$13.69 a bushel on the Chicago Board of Trade, after earlier rising as high as US$13.71 a bushel.

Other agriculture commodities traded mostly higher Friday. Wheat futures for July delivery added 4 cents to US$7.49 a bushel on the CBOT, while July corn futures added 3.75 cents to US$5.995 a bushel.