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Eleven unions representing dock and tug workers staged a second 48-hour work stoppage at Rosario, which handles about 80% of Argentina's agricultural exports. Ships could load and unload but not berth or unberth, halting traffic.
The workers demand priority Covid-19 vaccinations.
Halted berthing at Rosario delays soybean meal, oil and grain exports, tightening near-term global supply and supporting soymeal and soybean prices. Freight and basis for Argentine origin cargoes are likely to rise.
producer.comHugh Bronstein, Maximilian Heath, Reuters News ServiceMay 27, 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.
