August 31, 2007

 

Argentina soy, wheat up on rising CBOT

 

 

Argentine grain prices rose over the past week on gains at the Chicago Board of Trade (CBOT), according to analysts.

 

Soy and wheat prices continued to climb, with spot soy touching its highest level since 2007 at the Rosario Grain Exchange on Thursday (August 30).

 

Solid export demand sustained wheat prices, according to the Rosario Exchange.

 

Spot wheat sold at ARS535 (US$169.44) per tonne Thursday, up from ARS500 a week ago. Some 1,000 tonnes changed hands.

 

January 2008 wheat closed at US$190 per tonne, unchanged from a week ago. Futures volume totalled 60,000 tonnes.

 

Gains in international soy prices pushed the local market higher, with sell orders flooding the market to take advantage of the prices, the exchange said.

 

Spot soy closed at ARS700 per tonne Thursday, up from ARS680 a week ago. Volume was high at 150,000 tonnes.

 

May 2008 soy sold at US$222 per tonne, up from US$218 per tonne last week. Some 25,000 tonnes were traded.

 

Corn slipped over the past week. Exporters paid ARS385 per ton for spot corn, down from ARS385 a week ago. Volume reached 4,000 tonnes.

 

April 2008 corn sold at US$115 per tonne, down from US$120 last Thursday.