Argentine soybean prices rise on low supplies

BUENOS AIRES, Argentina, June 13 (Reuters) - Argentine soy prices extendedgains on Wednesday as low supplies failed to meet strong demand, saidtraders.Prices for the oilseed rose $1.50-$2.50 in Rosario to trade at $156-$157per tonne, while in Buenos Aires, soy prices rose $1 to close at $151."The supply has fallen a good deal over the last 15 days but demand hasstayed the same, which helps prices," said a trader. "The times when therewas so much soy on the market that there wasn't enough room to store ithave passed."In Quequen and Bahia Blanca, soy rose $1-$2 to change hands at $150 and$155, respectively."As the price rises, more and more soy will appear on the market, but Idon't think the price will reach the level it reached a few weeks ago,"said a trader.As of June 1, some 89 percent of the 10.44 million hectares planted withsoy had been collected, according to the government.The U.S. Department of Agriculture Tuesday left unchanged its estimate of2000/01 soy production of 26 million tonnes. That's higher than theArgentine Agriculture Department forecast of 25.85 million tonnes.The National Institute of Agricultural Technology said last week thecountry could lose 600,000 tonnes of soy in the current campaign because200,000 hectares are flooded in northwest Buenos Aires province.Low supplies and demand from mills kept wheat prices stable despite lowmarket activity."Practically nothing was sold. As long as exports don't increase, theprices are going to stay the same," said a trader. "The mills aresupporting the prices."Wheat was unchanged at $132 per tonne in Buenos Aires and at $122-$123 inQuequen and Bahia Blanca. In Rosario, the grain lost $1 to close at $116.Corn prices were firm with a higher volume of the grain traded than inrecent days. Some 10,000 tonnes were sold.Corn jumped as much as $1 in Rosario to change hands at between $78.50 and$79 per tonne. The grain fell $1 in Quequen where in traded at $74 andgained 50 cents in Bahia Blanca to close at $78.50.Sunflower seeds rose $1.50 in Buenos Aires to trade at $161 per tonne,while prices were unchanged in Rosario at $162 and in Bahia Blanca andQuequen at $153.