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A nationwide strike in Argentina against austerity measures under President Macri shut airports and halted work at key grain ports on May 29, according to Reuters. Grain exports stopped at Rosario, the country's main agro-industrial hub.
The strike comes as Macri's popularity falls ahead of October presidential elections.
A halt at Rosario ports disrupts soybean meal and oil shipments, which can tighten nearby export supply and firm meal and oil prices briefly until flows resume.
world-grain.comArvin DonleyMay 29, 2019After 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.
