A Review of the spot Market of Argentine Soybean on November 12: price rise

November 12, Argentine soybean spot market, prices rose. At the main port of Rosario, the spot price of soybeans was 970 pesos, 10 pesos higher than the previous day's price.

The Chicago Board of Trade (CBOT) soybean market closed higher at its highest level in a week on Nov. 12, resisting bearish pressure from peripheral markets because of the bullish demand outlook.

The Buenos Aires Grain Exchange lowered Argentina's soybean production data for 2008 / 09 to 32 million tons, down from 46.2 million tons last year. The soybean planting area in Argentina is expected to reach 1900 to 20 million hectares in 2009.

The USDA expects Argentina to produce 32 million tons of soybeans in 2008 / 09.

Note: one US dollar equals 3.83 Argentine pesos