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A 24-hour strike by Argentine transport unions against President Milei's austerity measures blocked ships from docking or leaving grain ports in Rosario. The strike also disrupted trains, flights and other ports, affecting thousands of people.
Argentina is the world's largest soymeal exporter and a major corn and wheat supplier.
Blocked vessels delay Argentine meal and grain exports, which can tighten nearby supply and support prices temporarily. The disruption was limited to one day, so the price effect is likely small.
reuters.comOct 30, 2024After 167 past bullish logistics events, Soybean Meal moved a median +0.5% over 5 sessions (54% higher; middle half -1.8% to +2.9%), and -1.2% over 20.
After 285 past bullish logistics events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.5% to +1.5%), and +0.8% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
