September 18, 2008


Argentina's soy prices rebound from earlier sharp losses


Soy prices rebounded partially from sharp losses earlier in the week, but were unable to make up the lost ground.


Soy showed resilience due to solid demand from crushers and the fact that farmers are continuing to hold on to stocks waiting for better prices, local brokerage Agropuerto S.A. said in a market note.


Spot soy was traded at ARS810 a tonne in Rosario Thursday (Septemebr 18, 2008), down from ARS850 a week ago.


May 2009 soy were not traded in Rosario Thursday, but were priced at US$257.50 a tonne at the Buenos Aires Exchange, down from US$266 a week ago.




Wheat prices fell due to the losses in Chicago and Kansas coupled with weak demand from exporters, who have mostly covered their needs for now, Agropuerto said.


Exporters paid ARS520 a tonne for spot wheat, down from ARS550 last week.


January 2009 wheat sold for US$165 a ton, down from US$182 a week ago.


Last month, the government approved an additional 1.4 million tonnes of wheat for export. The amount likely represents the last wheat to be cleared for export from the 2007-08 crop.


So far this year, Oncca has authorized 9.5 million tonnes of wheat and wheat flour exports.


( US$1 = ARS 3.12)


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