August 15, 2008

 

Argentina grains up as sellers hold out for rebound

  

  

Argentina's grain prices were higher on the week at the Rosario Grain Exchange Thursday (August 14), as sellers held back their goods in hopes of higher prices after recent declines, according to analysts.

 

Local cereal and soy prices moved independently of the Chicago Board of Trade and volume was low as sellers waited for higher offers, Roagro analyst Carlos Boglioli said in an email comment.

 

Farmers are holding out in hopes of a continued rebound after recent losses in international grain prices, the Rosario Grain Exchange said.

 

With soy prices easing in Chicago, sell offers were low, according to the exchange.

 

Spot soy was traded at ARS860 ($283.83) a ton in Rosario Thursday, up from ARS840 a week ago. Just 10,000 tonnes of spot soy were traded Thursday.

 

May 2009 soy traded for $277.50 a tonne, up from $271.50 a week ago.

 

Spot corn was traded at ARS445 a ton in Rosario Thursday, up from ARS400 a week ago. About 25,000 tonnes of spot corn traded hands.

 

April 2009 corn sold for $158.50 a ton, up from $150.50 last Thursday.

 

Exporters paid ARS550 a tonne for spot wheat in Rosario, unchanged from ARS550 last week. Volume was low at 2,000 tonnes.

 

January 2009 wheat sold for $189.50 per ton, up from $188.00 a week ago.