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Argentina's soy crushing companies signed a contract with oilseed workers unions on December 29, ending a 20-day strike over wages. The deal includes a two-part 25% salary increase from January to August, with later increases tied to inflation.
The strike had delayed loading of 162 ships, holding up about $1.458 billion in exports.
Argentina is the top soymeal and soyoil exporter, so the end of the port stoppage restores flows of feed protein to world buyers and eases the supply squeeze that had lifted soybean complex prices.
reuters.comHugh BronsteinDec 30, 2020After 34 past bearish logistics events, Soybean Meal 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, Soybean Oil moved a median +0.2% over 5 sessions (54% higher; middle half -1.3% to +3.0%), and +0.3% over 20.
After 297 past bearish logistics events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.5% to +1.8%), and +0.7% 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.
