August 11, 2006

 

Argentina's cash soy, corn prices down slightly from week ago

 

 

Argentina's cash grain and oilseed prices were down slightly from a week ago on Thursday (Aug 10) in low volume trading. Cash soybeans sold for ARS515/tonne, down from ARS520/tonne a week ago.

 

Some 4,000 tonnes of soybeans were traded Thursday in Rosario, compared to 10,000 tonnes a week earlier.

 

Exporters offered US$171/tonne for soy futures with delivery in May 2007, down from US$172 on the week.

 

The USDA has forecast Argentina's 2006/07 soybean crop at a record 41.3 million tonnes while the Agriculture Secretariat sees output at 40.2 million tonnes.

 

The Buenos Aires Exchange put 2005-06 soybean production at 40.75 million tonnes.

 

By Aug 8, Argentina had sold 5.711 million tonnes of 2005/06 soybeans and 1.515 million tonnes of 2006/07 beans.

 

 

Corn

 

Cash corn sold for ARS268/tonne Thursday in Rosario, down from ARS270 a week ago. Around 15,000 tonnes were traded, down from 20,000 a week ago.

 

Corn futures for delivery in Mar 2007 sold for US$87/tonne, unchanged on the week.

 

"You're going to see demand for corn go up as we get closer to December," Mircoli said. "This happens every year as local and foreign demand for corn converge."

 

The USDA has forecast Argentina's new corn harvest at 14.5 million tonnes.

 

The Secretariat sees it at 14 million tonnes.

 

As of Aug 4, Argentina had sold 6.725 million tonnes of 2005/06 corn, compared with 9.205 million tonnes of 2004/05 corn.