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Argentine effect causes wheat prices to rise 16%
Argentine effect causes wheat prices to rise 16%

São Paulo, 3/14/2007

Sales in the wheat market in Paraná state have stopped due to the suspension of wheat exports from Argentina. According to the wheat analyst of AgRural, Benedito de Oliveira, the producers that still have stock on hand increased prices to levels that flour mills refuse to pay.

According to the study, the wheat farmers want at least R$500 (US$238.10 ) per tonne, which is at least 16% higher than prices two weeks ago, when the Argentine government prohibited wheat exports. "Fifteen days ago, the wheat was being sold at R$430 (US$204.76)," he said. He did not specify the volume of wheat still in the stocks of wheat producers and dealers.

Oliveira said the owners of the stocks are in a favorable position to negotiate, since they also have soybeans and corn to negotiate on the market.

He said that this week few wheat operations were negotiated, and only with smaller flour mills. "Only the smaller mills will subject themselves to higher prices," he said.

He believes that the bigger industries can wait at least one month without making new purchases of wheat. They will be receiving shipments which they had previously negotiated with Argentine producers.
MGR Archive 15.3.2007
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Region Type Price  
Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
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