March 27, 2013

Argentina's soy prices rise on strong demand

Soy closed up at between ARS1,610 (US$313) and ARS1,660 (US$324) per tonne in the main grains market of Rosario, compared with Friday's ARS1,600 (US$312.50), boosted by brisk demand from local buyers despite losses by US soy futures.

Trade volume was a light 7,000 tonnes. Soy futures on the Chicago Board of Trade fell for a second straight session on position-squaring ahead of US government reports this week on old-crop stocks and 2013 US plantings, traders said.

Rosario soy for delivery in May, which is quoted in US dollars, closed down US$5 at US$320 per tonne.

In the southern grains port of Bahia Blanca, the oilseed traded unchanged at ARS1,650 (US$322) per tonne.