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A transporters union began an indefinite strike blocking truck access to the Rosario agro-port hub in Santa Fe province. Trucks carry more than 80% of Argentine grain transport, and the union is demanding higher freight tariffs.
Exporters reported shipments steady for now but reserves are low.
Blocked truck access to Rosario, one of the world's largest export hubs, threatens shipments of soymeal, soyoil and corn while stocks are already depleted by drought, supporting meal and oil prices.
financialpost.comReutersApr 24, 2023After 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.
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.
Not enough comparable past events yet for a historical read.
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.
