October 2, 2006

Argentine wheat, corn, soy up on higher prices in Chicago

Argentine wheat prices were up Thursday (Sep 28), in line with similar gains in Chicago due to worldwide supply concerns and strong local demand, according to analysts.

"There doesn't seem to be a ceiling for new-crop wheat, Roagro analyst Carlos Boglioli said in a email market commentary.

The major gains in wheat prices carried corn and soy higher, Boglioli said.

Spot wheat closed at ARS370 (US$119.35) at the Rosario Cereals Exchange Thursday. That's up from ARS355 a week earlier and up from ARS290 on this date last year. December wheat futures were quoted at US$123, up from US$121 last week and US$97 at this date last year. About 7,000 tonnes of spot wheat was traded.

Corn prices rose along with wheat and solid domestic demand, according to a market commentary from the Rosario Cereals Exchange.

Spot corn closed at ARS285, up from ARS277.10 a week ago and ARS209.90 a year ago. March 2007 corn closed at US$89, compared with US$88 a week ago. Spot trades totalled 15,000 tonnes.

Local soy prices followed Chicago higher. Spot soybeans closed at ARS530, up from US$525 yesterday, but unchanged from a week earlier. March 2007 soy closed at US$170, unchanged from a week earlier. Spot soy volume reached 40,000 tonnes.