Argentina's soybean demand reduced and prices fell

Introduction: Dow Jones Buenos Aires May 14 news: soybean prices in Argentina fell on Tuesday due to lower export demand and lower prices of CBOT soybean products According to a trader in Rosario, the market is more dull, with fewer buyers and low prices, and buyers want to lower their prices Eighty percent of Argentine soybeans are sold in Rosario In addition, soybean futures prices in Chicago began to fall after a sharp rise on Monday, which also put pressure on local prices Traders say Chicago's soybean prices have fallen almost $1, putting pressure on Argentine prices as well In Rosario, soybean prices fell 5 pesos per ton, from 430 to 435 pesos, from $130.30 to $131.80, and in Bahia Blanca from 435 pesos By May 11, Argentine farmers had harvested 69% of their soybeans, according to estimates in the Bolsa weekly report of the Buenos Aires Grain Exchange The Argentine government expects soybean production to reach 30 million tons in 2000 / 01 In terms of other food varieties, corn supply is still low, so prices remain strong, and traders believe that the reason for the low supply is the slow progress of harvest Because of the unstable weather conditions, farmers are more willing to harvest soybeans that are more sensitive to the weather So the number of new corn on the market is not large at present By May 11, farmers had harvested 62 percent of their corn, according to Bolsa In Rosario, corn prices were stable at 235-238 pesos per ton, compared with 235 pesos in Bahia Blanca In quequequequen, corn prices fell 2 pesos, 230 pesos per ton In Rosario, the price of exported wheat was strong at 350 pesos per ton, with one processing plant paying a high price of 380 pesos for high-quality wheat The Buenos Aires factory paid 400 to 410 pesos per ton, the same price as the previous trading day In Rosario, sunflower seeds rose 5 pesos to 440 pesos per ton, while in Bahia Branca and quequequen, prices were 445 pesos per ton In addition, the exchange rate is also a key factor affecting the price Since the devaluation of the exchange rate in January, if the peso depreciates, the price calculated by peso in the local market will rise sharply Otherwise, if the peso is stronger, the price calculated by peso in the local market will fall This is because food and oilseeds are priced in USD in the world market On Tuesday, the peso was stable at 3.27 to 3.30 to the dollar in block trading.