August 24, 2007

 

Argentina grains rebound on export demand, CBOT

 

 

Argentine grain prices rebounded from last week's losses, mirroring gains at the Chicago Board of Trade to close higher on the week at the Rosario Grain Exchange Thursday (August 23).

 

Strong export demand for soy and wheat in Chicago pushed up international and local prices, the Rosario Grain Exchange said.

   

High demand from exporters and expectations of lower worldwide production drove up wheat futures, the exchange said.

 

January 2008 wheat closed at US$190 per tonne, up from US$170 a week ago.

 

Spot wheat closed at ARS500 Thursday, unchanged from a week ago.

 

Exporter demand for soybeans pushed up prices, although farmers still have high stocks from the 2006/07 crop, the exchange said.

 

Soy for May 2008 was sold at US$218 per tonne, down from US$220 per tonne on Tuesday of last week. Soy futures weren't traded later in the week as plunging prices in Chicago caused local sellers to step out of the market.

 

Spot soy closed at ARS680 per tonne Thursday (August 23), up from ARS645 a week ago.

 

Spot corn was traded at ARS385 per tonne, up from ARS365 a week ago. April 2008 corn sold at US$120 per tonne, up from US$110 last Thursday.

 

US$1 = 3.1695 Argentina peso (ARS) As of August 24, 2007