October 24, 2008
Argentina grain prices rise on CBOT gains
Argentine grain prices were generally higher on the week at the Rosario Grain Exchange Thursday (October 23), in line with gains at the Chicago Board of Trade.
Corn and wheat found support from local buyers, although volume was moderate, according to local brokerage Roagro.
Soy prices were pushed up by a few buyers with pressing, immediate needs for the beans, the Rosario exchange said.
Corn prices were also carried higher for the same reasons.
Spot soy was traded at between ARS720 and ARS730 a tonne Thursday (US$221.20 to US$224.27), up from ARS700 to ARS710.
May 2009 soy were priced at US$224.3 a tonne at the Buenos Aires Exchange, up from US$215 a week ago.
Corn prices were helped by confirmation from the agricultural trade office Oncca that an additional 227,500 tonnes would be authorized for export, the exchange said.
Last Friday, Oncca said that the export quota increase was based on newly verified stocks.
With the new shipments, total approved corn exports this year reached 14,895,803 tonnes compared, with 14,667,500 shipped last year, according to Oncca.
Spot corn closed at ARS300 a tonne in Rosario Thursday, up from ARS260 a week ago.
April 2009 corn sold at US$120.50 a tonne at the Buenos Aires Exchange Thursday, up from US$113.
Gains in wheat prices were limited despite rising prices in Chicago due to weak buyer interest, the exchange said.
Spot wheat was traded at ARS420 a tonne in Rosario Thursday, down from ARS440 a week ago.
December wheat was priced at US$130 a tonne, unchanged from last week.