Argentine soybean spot prices rise, November 12 market commentary
November 12 Argentine soybean spot market commentary: prices rise
On November 12, Argentine soybean spot market prices rose. At the main port of Rosario, soybean spot transactions were priced at 970 pesos, 10 pesos higher than the previous trading day.
On November 12, the Chicago Board of Trade (CBOT) soybean market closed higher, setting a one-week high and resisting bearish pressure from external markets, due to bullish demand prospects.
The Buenos Aires Grain Exchange lowered its 2008/09 Argentine soybean production estimate to 32 million tonnes, below the previous year's soybean production of 46.2 million tonnes. Argentina's 2009/10 soybean planted area is expected to reach 19 to 20 million hectares.
The U.S. Department of Agriculture forecasts 2008/09 Argentine soybean production at 32 million tonnes.
Note: 1 U.S. dollar equals 3.83 Argentine pesos
On November 12, the Chicago Board of Trade (CBOT) soybean market closed higher, setting a one-week high and resisting bearish pressure from external markets, due to bullish demand prospects.
The Buenos Aires Grain Exchange lowered its 2008/09 Argentine soybean production estimate to 32 million tonnes, below the previous year's soybean production of 46.2 million tonnes. Argentina's 2009/10 soybean planted area is expected to reach 19 to 20 million hectares.
The U.S. Department of Agriculture forecasts 2008/09 Argentine soybean production at 32 million tonnes.
Note: 1 U.S. dollar equals 3.83 Argentine pesos