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Wheat prices soar after frost in Argentina
The market speculated over rumors there may have been significant losses in wheat production in Argentina, which suffered a strong frost in mid November. Soybeans also rose, reinforced by another purchase made by China.

The wheat contract with maturity in March 2008 ended Friday at 845.50 cents US, up 2.3% compared to November 21 (Wednesday). In the week which began the previous Friday Nov 16, prices rose 9.7%.

According to analysts, the market is evaluating the size of the loss, but there are rumors nearly half the crop was lost. . Benedito Oliveira, wheat analyst of AgRural, explained that the frost was very strong in the Province of Buenos Aires, where 60% of the production is concentrated. However, he pointed out, it did not affect all the areas, only some regions where the harvest was late. 'Most of the crop is ready to be harvested or entering this phase,' he said. According to estimates of the USDA, Argentine wheat production should be 15.5 million tons. The secretary of agriculture of Argentina forecasts 15.2 million tons. 'There are rumors that one million tons were lost,' the analyst said.
MGR Archive 28.11.2007
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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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