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Argentine unions launched strikes to protest reforms by President Milei and to pressure lawmakers. The work stoppages affect the country's major processed soybean and grain exports, which are a key source of foreign currency for the government.
Disruption to Argentina's processed soybean exports tightens global supplies of soymeal and soyoil, supporting their prices. The strike's duration will determine how large the price effect becomes.
admis.comADMIS Research TeamApr 30, 2024
reuters.comApr 29, 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 85 past bullish logistics events, Soybean Oil moved a median +0.7% over 5 sessions (64% higher; middle half -1.3% to +2.7%), and +3.1% 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.
Union strikes hit Argentina's processed soybean exports, tightening near-term global meal supply.
Union strikes hit Argentina's processed soybean exports, a trade flow risk supporting meal.
