Daily review of soybean spot in Argentina: stable soybean price

Introduction: Argentina's soybean spot price remained stable on Wednesday, not following Chicago soybean futures higher According to local traders, the support from the rise in external prices was offset by the proximity of local soybean harvests and generally favorable weather conditions for crop growth With the recent rainfall in the main soybean producing areas of Argentina, the market's concern about crop moisture shortage has been eased In Rosario, the main export port, the spot price of soybeans was 500 pesos / ton, the same as the previous trading day Volume also increased to 40000 tonnes, up from 35000 tonnes on the previous trading day Chicago soybean futures continued to rise on Wednesday, driven by speculative funds, as markets expected Thursday's USDA report to be positive and the dollar to fall In the San Martin region, the price of soybeans delivered in May for 2004 / 05 was $167 to $168, equal to or up $1 from the previous trading day The volume is 8000 to 10000 tons The soybean planting in Argentina has basically ended The Ministry of agriculture of Argentina currently predicts that the soybean production will be between 36 million tons and 38 million tons The USDA forecast is 39 million tons.