July 20, 2007

 

Argentine corn, soy prices down on week

 

 

Argentine soy and corn prices closed lower at the Rosario Grain Exchange Thursday, following declines and partial recovery in prices over the week at the Chicago Board of Trade, according to analysts.

 

Despite declines earlier in the week, demand from local soy processors helped soy prices recover some of the lost ground, according to the Rosario Grain Exchange.

 

Spot soy closed at 622 Argentine pesos ($200.32) per tonne, down from ARS642 a week ago. Spot volume totaled 17,000 tonnes.

 

May 2008 soy traded at US$214, down from US$220 last Thursday. Some 1,500 tonnes of soy futures were traded.

 

Spot corn was traded at ARS335 per tonne, down from ARS350 a week ago.

 

April 2008 corn was not traded Thursday, but sold at US$110 per tonne Wednesday, down from US$112 last Thursday.

 

Despite lower prices at the CBOT Thursday, some exporters needing to cover commitments pushed wheat prices higher, according to the exchange.

 

Spot wheat was traded at ARS460 per tonne Thursday, up from ARS440 a week ago. Some 1,000 tonnes were traded.

 

January 2008 wheat closed at $165 per ton, unchanged from a week ago. New-crop trade volume totaled 6,000 tons.