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Argentine soya prices slide as exporters slow buying
BUENOS AIRES ,Argentine soya prices fell slightly on Friday as two export firms sold the oilseed, putting pressure on prices, traders said.
In the main soya-exporting port of Rosario, the oilseed slid 3 to 5 pesos to close at between 455 and 457 pesos per tonne ($156) in low volume trade as rains in the main soya regions have slowed the harvest.
Soya had risen earlier in the session on gains for the oilseed on the influential Chicago Board of Trade grain futures exchange, a key reference for global markets.
"In addition the peso was stable (against the dollar) because of Central Bank intervention, so all the factors said prices would rise and that's why the exporters intervened to prevent that," said a trader in Rosario.
The exchange rate often plays a central role in setting price trends since grains and oilseeds are sold on world markets at prices set in dollars.
Generally prices in pesos fall as the currency strengthens and vice versa.
Argentine farmers began collecting the soya crop in late February and some 22 percent of the 12.6 million hectares sown with the oilseed had been collected as of March 28, according to the most recent official estimates.
Argentina is the world's No 3 soya producer and peak harvest time is in late March and early April.
MGR Archive 7.4.2003
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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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