September 7, 2007

 

Argentina soy, wheat prices rise on domestic, export demand

 

 

Argentine grain prices closed mixed on the Rosario Grain Exchange Thursday (September 6), with wheat and soy prices rising on strong domestic and export demand, according to analysts.

 

The punctual need for supply pushed up prices of wheat, according to the Rosario Exchange.

 

Spot wheat sold at ARS545 (US$172.10) per tonne Thursday, up from ARS535 a week ago.

 

January 2008 wheat closed at US$191.50 per tonne, up from US$190 a week ago.

 

The exchange said it did not have volume figures for spot or futures trading.

 

Soy prices rose through the week with strong buying until Thursday, when a drop in futures prices on the Chicago Board of Trade (CBOT) led to a decline in buy orders, the exchange said.

 

Spot soy closed at ARS710 per tonne for delivery from the port of Rosario Thursday, up from ARS700 a week ago. Volume was 7,000 tonnes.

 

May 2008 soy sold at US$222 per tonne, unchanged from last week.

 

Corn slipped over the past week. Exporters paid ARS365 per tonne for spot corn, down from ARS385 a week ago. Volume reached 2,000 tonnes.

 

April 2008 corn sold at US$115 per tonne, down from US$117 last Thursday.