October 12, 2007

 

Argentina grains up on CBOT, trade muted ahead of USDA report

 

 

Grain prices were generally higher on the week at the Rosario Grain Exchange on Thursday (October 11, 2007) following similar moves in Chicago, according to analysts.

 

However, trade was muted ahead of the release of Friday's USDA supply and demand report, the exchange said.

 

Soy

 

Expectations of a reduction in soy area in the US helped boost soy prices. But sellers were hesitant to sell until they see Friday's supply and demand report, the exchange said.

 

Spot soy sold for ARS805 (US$254.78) per tonne Thursday, up from ARS790 a week ago.

 

May 2008 soy sold at US$237 per tonne, up from US$230 last week.

 

Wheat

 

Exporters paid ARS580 per tonne for spot wheat Thursday, unchanged from a week ago. Local millers paid ARS595 per tonne.

 

January 2008 wheat closed at US$185 per tonne, down from US$190 a week ago.

 

With the first 2007-08 wheat fields starting to be harvested, the export registry is expected to be reopened at any moment, according to analysts.

 

In March, the government closed the registry for new wheat exports in the face of soaring export declarations.

 

This week, Economy Minister Miguel Peirano summoned leaders of wheat grower, miller and exporter groups to negotiate reopening wheat exports while shielding the domestic market from inflation due to soaring international wheat prices, according to local newswire NAP, citing an unnamed source from the industry.

 

Corn

 

Spot corn was traded at ARS385 per tonne, up from ARS370 a week ago.

 

April 2008 corn sold at US$110 per tonne, unchanged from last Thursday.