Loading…
Grain and oilseed exporters in Argentina face more disruption as additional unions joined a 48-hour walkout at key ports. Port and logistics unions also announced a second 24-hour and a new 48-hour strike starting May 26, demanding Covid-19 vaccines for workers.
Low Parana River levels compound the shipping delays.
Port strikes slow loading of soybeans, meal and corn from Rosario, delaying exports and widening Argentine basis discounts. Tighter near-term Argentine supply supports global soymeal and soybean prices.
fastmarkets.comJuan Pedro TomasMay 20, 2021After 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 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.
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.
