BUENOS AIRES: Argentina's closing soy prices and trends on Wednesday:
In the Rosario grains market, soy closed at between 2,100 and 2,135 pesos per tonne ($318-$323), virtually unchanged from Tuesday in very light trade as farmers tended to hang on to produce to shield themselves from the weak local currency.
Soybean futures on the Chicago Board of Trade fell on Wednesday on expectations of large, imminent South American harvests and an expansion of US plantings in 2014 that should boost global soy inventories.
In Rosario, soy for May 2014 delivery quoted in dollars closed at $287 to $288 per tonne versus $292 on Tuesday.
At the Argentine port of Quequen, soy closed at 1,920 pesos per tonne. In Bahia Blanca, the oilseed ended at 2,000 pesos per tonne.
Argentina has introduced a withholding tax on export companies that avoid paying taxes on shipments to certain countries by first shipping the grain to countries with more favorable tax treatment. The tax on the process, which the government calls "triangulation," will mainly affect big exporters operating in one of the largest global suppliers of grain and food.
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