BUENOS AIRES (Dow Jones)--Argentine soybean prices edged higher on the week at the Rosario Grain Exchange Thursday on the further deterioration of the 2008-09 crop potential due to drought damage. The decreased prospects and solid weekly sales in the U.S. are pointing towards weak stocks, said Roagro analyst Pedro Amuchastegui in a market note. On Wednesday, the Buenos Aires Cereals Exchange cut its forecast for soybean production to just 32.8 million metric tons, down from 34 million tons forecast last week. The forecast marks the lowest soy output in four years. Severe drought battered the crop, cutting production prospects by about a third, despite a record area planted with the oilseed and early expectations for about 50 million tons. Almost 90% of the soy crop has been harvested to date, according to the exchange. Spot soybeans were traded for ARS1000 ($268.28) per ton Thursday, up from ARS990 a week ago. Soy futures weren't traded in Rosario Thursday. Wheat Spot wheat traded for ARS555 per metric ton on Thursday, up from ARS553 a week ago. Last week, President Cristina Fernandez announced a deal under which exporters agreed to buy 1 million tons of old crop wheat at full price, which is the theoretical FAS price minus the 23% export tax. Local prices jumped 20% last week, as buyers stepped back into the long-dormant wheat market. The plan is designed to stimulate more wheat planting in the face of signs that 2009-10 production will be down sharply. With planting just starting, conditions remain poor. Dry weather and tight credit are seen causing a sharp decline in area. Argentina's 2009-10 wheat planting is expected to fall 18.6% on the year to 3.7 million hectares, the lowest amount since planting records have been kept in the country, according to the Buenos Aires Cereals Exchange. In addition, climate models predict a dry fall and winter, with temperatures above average. Very little new crop wheat is likely to be available for export from the 2009-10 crop, as the government only authorizes exports once about 7 million tons are set aside for domestic consumption. Only 8.7 million tons are expected to be grown this season, according to the Buenos Aires exchange. Corn Exporters bought spot corn for ARS360 per ton Thursday, compared with ARS380 a week ago. There was only one buyer for spot corn Thursday, with weak demand from exporters, according to the Rosario exchange.
Регион | Закуп. | Изм. | Прод. | Изм. |
---|---|---|---|---|
ЦФО |
29800.00 | + 650 | 30000.00 | + 840 |
ПФО |
28940.00 | + 990 | 29000.00 | + 950 |
СКФО |
29450.00 | + 750 | 30000.00 | + 1050 |
ЮФО |
29250.00 | + 1100 | 29700.00 | + 750 |
СФО |
29300.00 | + 900 | 29500.00 | + 1200 |
Регион | Закуп. | Изм. | Прод. | Изм. |
---|---|---|---|---|
ЦФО |
72000.00 | + 1000 | 73300.00 | + 50 |
ЮФО |
69800.00 | + 0 | 74000.00 | + 0 |
ПФО |
71500.00 | + 500 | 73100.00 | + 100 |
СФО |
72500.00 | + 500 | 74900.00 | - 100 |
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