October 31, 2008
Argentina corn, soy prices up on week on CBOT gains
Argentine spot corn and soy prices rose on the week at the Rosario Grain Exchange, in line with moves at the Chicago Board of Trade, while wheat prices eased due to slack demand.
However, on Thursday, volatility in Chicago made traders hesitant to step in to the market, according to the Rosario Exchange. Trade kicked off once the CBOT closed and buyers stepped in with offers lower than on Wednesday.
Trade was muted as sellers balked at the lower offers, the Exchange said.
Spot corn prices followed the Chicago Board of Trade higher on the week, but pulled back on Thursday due to signs of weakness and sufficient stocks already held by buyers.
Spot corn closed at ARS330 (US$97.48) a tonne in Rosario Thursday, up from ARS300 a week ago.
April 2009 corn sold at US$120 per tonne at the Buenos Aires Exchange Thursday, down from US$120.50.
Soy prices gained in line with rising prices in Chicago but volatility in international prices made traders hesitant to commit, the Exchange said.
Spot soy was traded at between ARS760 and ARS775 per tonne Thursday, up from ARS720 to ARS730.
May 2009 soy were priced at US$228.90 a tonne at the Buenos Aires Exchange, up from US$224.30 a week ago.
Spot wheat was traded at ARS420 per tonne in Rosario Thursday, unchanged from a week ago. Volume totalled 1,000 tonnes.
Demand was low due to the downward trend in international wheat prices, the Exchange said.
December wheat was priced at US$125 per tonne, down from US$130 per ton last week.
Low prices were slowing new crop futures trades, the Exchange said.