By Doug Tenney, Leist Mercantile
The Argentina dock strike last month lasted far longer than had been expected as it was drawn out to almost three weeks. It has been an annual occurrence for an Argentina dock strike to last 1 to 3 days as the dock workers demand more money. It has been reported the grain companies offered an increase high enough to keep government intervention from taking place. While you may think Argentina is a small player in the grand scheme with soybean production below that of Brazil and the United States, Argentina is the world’s largest exporter of soymeal. As the strike ended, reports noted at least 170 vessels waiting to be loaded with grains.
March 2021 CBOT soybeans finally breached the $12 mark on Dec. 17 after at least five different unsuccessful assaults in a month. The next resistance level of $13 was penetrated in significantly fewer days, taking place on Dec.… Continue readingRead More »