April 2, 2009

Corn and soy prices in Argentina rose Wednesday (April 1) from the previous session on local and export demand even as commodities fell on the Chicago Board of Trade.

There were no week-earlier prices as farmers last week refrained from selling product in protest against high taxes, chiefly a 35 percent levy on soybean exports. The seven-day strike ended last Friday and local trading started again Monday.

The highest bids from buyers were heard early in the session Wednesday when international reference markets were on the rise, the Rosario Grain Exchange said.

"Corn and soy were favoured by the necessities on the demand side," it said.

On the Rosario Grain Exchange, spot corn traded at ARS395 (US$106.4) a tonne for export from the port of Rosario, up from ARS380 on Tuesday.

Traded volume was estimated at 15,000 tonnes.

May 2009 corn sold at US$107 per tonne, up from US$106 on Tuesday.

Soy prices rose on demand from buyers seeking to amass stocks, the exchange said.

Spot soy traded at ARS870 per tonne for export from Rosario, up from ARS850 on Tuesday.

Traded volume was estimated at 30,000 tonnes.

May soy were priced at US$230 per tonne, up from US$228 on Tuesday.

Wheat closed at ARS450 per tonne Wednesday, unchanged from the previous session, the exchange said.

Demand was limited to local buyers because of the government's restrictions on exporting more wheat at this time, it said. The government periodically blocks exports to ensure there are sufficient supplies to feed the domestic market.

Traded volume was estimated at 2,000 tonnes.

July wheat was priced at US$136 per tonne, down from US$137 on Tuesday.