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Striking union workers had paralyzed business at Argentina's top grain ports, holding up shipments of soybeans, corn and wheat. The strike has now been lifted as lawmakers push forward divisive reforms.
Resumed port loadings release the backlog of soymeal, soyoil and grain shipments, easing the supply squeeze and pressuring meal and oil prices lower. Renewed labor action remains a risk.
reuters.comMaximilian HeathApr 30, 2024After 34 past bearish logistics events, SBM moved a median +0.4% over 5 sessions (53% higher; middle half -1.8% to +2.6%), and -1.2% over 20.
After 13 past bearish logistics events, SBO moved a median +0.2% over 5 sessions (54% higher; middle half -1.3% to +3.0%), and +0.3% over 20.
After 359 past bearish logistics events, CORN moved a median -0.3% over 5 sessions (44% higher; middle half -1.5% to +1.5%), and -0.5% 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.
