August 10, 2007

Argentine grains ride CBOT, local demand higher on week

Argentine grain prices rose again this week following similar moves at the Chicago Board of Trade and firm demand from exporters and local processors, according to analysts.

Grains were up across the board Thursday (August 9) with solid buyer demand pushing up prices, the Rosario Grain Exchange said.

Spot soy closed at ARS675 (US$214.76) per tonne, up from ARS650 a week ago. May 2008 soy traded at US$223 per tonne, up from US$220 last Thursday.

Spot corn was traded at ARS370 per tonne, up from ARS360 a week ago. April 2008 corn sold at US$116 per tonne, up from US$115 last Thursday.

Local millers paid ARS505 for spot wheat in Thursday, up from ARS465 a week ago. January 2008 wheat closed at US$186 per tonne, up from US$170 a week ago.