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Loading of five cargo ships at Argentine grain ports has been stalled for days by surprise strikes from the URGARA inspectors' union. ADM, ACA and Louis Dreyfus vessels at Puerto General San Martín, San Lorenzo, Bahía Blanca and Quequén are affected.
The union says the stoppages will continue until it receives a serious wage proposal.
Argentina is the world's top exporter of soymeal and soyoil, so delayed loadings tighten near-term export availability and can support soy product prices and widen Argentine basis discounts while ships wait.
gcaptain.comReutersNov 11, 2020After 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 85 past bullish logistics events, Soybean Oil moved a median +0.7% over 5 sessions (64% higher; middle half -1.3% to +2.7%), and +3.1% over 20.
After 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.
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.
