October 5, 2007

 

Grain prices on Argentinean exchange down

 

 

Grain prices were down on the week at the Rosario Grain Exchange Thursday following losses at the Chicago Board of Trade, according to analysts.

 

However, prices had recovered somewhat by Thursday following a rebound in Chicago and solid local demand, the Rosario Grain Exchange said.

 

Competition between local millers and exporters helped wheat prices to partially rebound, according to the exchange.

 

Exporters paid ARS580 (US$183.84) per metric tonne for spot wheat Thursday, down from ARS600 a week ago. Local millers paid ARS590 per tonne Thursday. Spot volume was low on Thursday at 500 tonnes.

 

January 2008 wheat closed at US$190 per tonne, unchanged from a week ago. Futures volume reached 3,000 tonnes.

 

Soy prices were down on the week, but a recovery in Chicago and strong local demand pushed prices off their lows, according to the exchange.

 

Exporters paid ARS790 per tonne for spot soy Thursday, down from ARS805 a week ago. Spot volume totaled 15,000 tonnes.

 

May 2008 soy sold at US$230 per tonne, down from US$242 last week. Volume was not estimated.

 

Corn trade was muted on weak demand and sellers hesitant to hand over their goods at the lower prices, according to the exchange.

 

Spot corn was traded at ARS370 per tonne, down from ARS403 a week ago.

 

April 2008 corn sold at US$110 per tonne, down from US$120 last Thursday.