December 27, 2010

Argentine soy prices rise for fourth day to new currency record

Argentina's soy prices closed higher for a fourth day at between ARS1,385-ARS1,420 (US$339-US$348) per tonne, a new record in local currency terms, tracking gains in the CBOT market, traders said.

Soy closed at ARS1,397 per tonne on Wednesday (Dec 22), according to the official reference price. Trade volume in Rosario was light at 10,000 tonnes, unchanged from the previous session.

US soy futures rose to a 27-month peak on Thursday (Dec 23) as hot, dry weather in key producer Argentina and stronger-than-anticipated US processor demand propelled the market higher for a fifth consecutive session.

Soy for delivery in May 2011, which is quoted in US dollars, rose to US$335 from between US$330-US$333 per tonne in the previous session. Argentine soy-crushing workers ended a two-day strike in the key Rosario ports area on Thursday (Dec 23), allowing halted plants to restart operations.