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Argentine grain port inspectors, represented by the URGARA union, staged a 24-hour walk-off across all ports on Monday after failing to agree a labor deal with private port owners. The union was due to meet Labor Minister Claudio Moroni on Tuesday to discuss conciliation.
Argentina is the world's largest soymeal exporter and a major corn and soybean supplier.
Halted loadings at Argentine ports delay cereal and oilseed shipments, tightening near-term export supply and supporting soymeal, soybean and corn prices.
en.mercopress.comSep 29, 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 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 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.
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.
The 24-hour Argentine port inspectors' strike on Sept 28-29 halted exports from the world's largest soymeal exporter, tightening global meal supply and supporting US soymeal prices.
