Argentine spot soybean prices rise, boosted by supply concerns

According to December 27 news from Buenos Aires, spot soybean prices in Argentina rose on Tuesday and were boosted by supply concerns.

In Rosario, spot soybean prices closed at 1,240-1,280 pesos (US$289-298) per tonne, compared with 1,230 pesos in the previous session. Soybean prices followed the rise in the CBOT market as traders worried that dry weather in Brazil and Argentina would limit supply.

Traders said that soybeans did not start harvesting in 2011/12, and inventory in the previous year began to decline.

Volume is about 30,000 tons.

The Chicago Board of Trade (CBOT) soybean futures climbed 2.9% on Tuesday, the biggest gain since mid-October, as markets worried about dry weather in South America will hurt crop production.

In Rosario, soybean prices for May delivery were $285 per tonne, compared to $280 per tonne in the previous trading day.

In the southern port of Bahia Blanca, the spot price of soybeans was 1,040 pesos per tonne.

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