November 7, 2008
Argentina grain prices mixed on week with low volume
Argentine grain values were mixed on the week at the Rosario Grain Exchange Thursday, with low volume due to the uncertainty over prices.
With falling international commodity prices and increased government control over markets, it is difficult for parties to come to agreement on prices, Roagro brokerage analyst Pedro AmuchÃ¡stegui said in a market note.
Prices were mixed depending on movements at the Chicago Board of Trade and local demand, the Rosario Exchange said.
Many farmers are holding on to their goods in the hope of higher prices, according to the Exchange.
The declines in some prices were due to falling oil prices, the rising dollar and losses at international stock markets, the Exchange said.
Spot soy was traded at ARS710 per tonne Thursday (US$215), down from ARS720 to ARS730 a week ago.
May 2009 soy were priced at US$221.50 a tonne at the Buenos Aires Cereals Exchange, down from US$224.3 a week ago.
Spot corn closed at ARS305 a tonne in Rosario Thursday, up from ARS300 a week ago.
April 2009 corn sold at US$115 per tonne at the Buenos Aires Exchange Thursday, down from US$120.50.
Spot wheat was traded at ARS430 per tonne in Rosario Thursday, up from ARS420 a week ago.
December wheat was priced at US$125 per tonne, down from US$130 last week.