Argentine corn prices eased this week from the sky-high values seen recently, leading exporters to jump into the market with heavy buying.

March 2013 corn contracts sold for $190 a metric ton, down from $195 a week earlier.

Spot corn sold for ARS750 ($160) a ton, down from ARS800 a week earlier. Argentina is the world's second-largest corn exporter behind the U.S.

March 2013 wheat sold for $250 a ton Thursday.

The agriculture ministry said that Argentina's 2012-13 wheat production is likely to total 11.5 million metric tons, down sharply from the 13.2 million tons grown last season.

That will leave an estimated 5 million tons available for export after domestic supply is set aside, the ministry said. Argentina is a leading global wheat exporter, with about half of the crop going to neighboring Brazil.

Argentina tightly controls wheat and corn exports to keep down local prices. The government only approves exports once it has determined that domestic supply has been set aside.

The wheat crop is developing well after steady rainfall in September. About 82% of the crop is in good shape and just 1% is in bad condition, according to the ministry. However, some diseases related to moisture are appearing and if excess rainfall continues, it may affect yields, the ministry said.

Soybean trade remained on hold this week as exporters focused on buying corn. No open trades were reported on the floor for the fourth day running on Thursday, the Rosario Grain Exchange said.

Argentina is the world's third-largest soybean exporter behind Brazil and the U.S., and the leader in global exports of soymeal and soyoil.

Write to Shane Romig at shane.romig@dowjones.com

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(END) Dow Jones Newswires

October 18, 2012 17:51 ET (21:51 GMT)