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Argentina's grain inspectors union URGARA called an indefinite strike starting March 30, 2023, demanding higher wages to counter inflation that was about 102.5% in February. The strike is expected to curtail soybean and corn trade just as the harvest begins April 1, after a severe drought already cut output.
Halted inspections delay exports and tighten near-term supplies of soybeans and corn, supporting world prices for meal and feed grains while Argentine farm output is already reduced.
spglobal.comMar 31, 2023After 206 past bullish logistics events, Soybeans moved a median +0.5% over 5 sessions (56% higher; middle half -1.3% to +2.6%), and +1.4% 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.
After 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.
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.
