July 21, 2006

 

Argentina's cash soy, corn prices little changed

 

 

In Argentina, cash soybeans traded for ARS515/tonne (US$167) on Thursday (Jul 20), unchanged from a week ago.

 

Exporters offered US$174/tonne for soy futures with delivery in May 2007, down from US$178 on the week.

 

The USDA has forecast Argentina's 2005/06 soybean crop at a record 41.3 million tonnes while the Agriculture Secretariat sees output at 40.2 million tonnes.

 

The Buenos Aires Exchange put 2005/06 soybean production at 40.75 million tonnes.

 

By Jul 18, Argentina had sold 5.426 million tonnes of 2005-06 soybeans and 1.485 million tonnes of 2006/07 beans.

 

 

Corn

 

Cash corn sold for ARS265/tonne Thursday in Rosario, down from ARS268 a week ago.

 

"Corn is weak, following weaker values in Chicago," Frogone said.

 

Corn futures for delivery in March 2007 sold for US$84/tonne, down from US$89 on the week.

 

Farmers had harvested 99 percent of the 2005/06 corn crop by Jul 14, according to the Buenos Aires Exchange.

 

The USDA has forecast Argentina's new corn harvest at 14.5 million tonnes. The Secretariat sees it at 14 million tonnes.

 

As of Jul 14, Argentina had sold 6.27 million tonnes of 2005/06 corn, compared with 8.835 million tonnes of 2004/05 corn.