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Argentine soybean workers reached a wage agreement on December 30, ending a strike of almost three weeks. The deal includes a 35% pay increase in 2020, an annual bonus, and a further 25% adjustment in 2021.
Soybean futures had reached six-year highs near $13 a bushel, with soyoil and meal also at multi-year highs.
Resumed port loadings ease the Argentine export bottleneck that drove the soybean complex rally, so prices may lose some supply-driven support even as China's demand stays strong.
batimes.com.arJames GraingerDec 30, 2020After 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.
After 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.
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.
