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A second employee of COFCO International has died after a explosion at the company's grains terminal in Rosario, Argentina. Seven others remain hospitalized, and the cause is under investigation.
Grain-crushing workers and port unions are on strike, and export activity across the port is paralyzed.
Argentina is the world's largest soymeal exporter, so a halt to crushing and shipping at Rosario removes meal and grain supply from the global market. This is likely supportive for soymeal and soybean prices until operations resume.
finance.yahoo.comReutersDec 29, 2017After 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.
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.
