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A strike by Argentine grain port workers paralyzed grain exports on Monday, September 28. The union URGARA demands higher pay and a shorter workday, while the private ports chamber called the strike illegitimate.
A paralyzed export chain in the world's top soymeal exporter delays shipments and can lift Argentine-origin meal and corn premiums while buyers source elsewhere.
datamarnews.comRuth HollardSep 28, 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 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.
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.
The strike paralyzed Argentine grain exports on Sept 28, cutting meal availability and driving the rally in soymeal.
