Strike extends at key Argentine grain ports

Port workers striking over wages at Argentina's biggest grains export complex have widened protests and on Monday (March 29) were blocking access to most shipping terminals in San Martin and Timbues ports.

Workers from the Port Workers Cooperative and the United Syndicate of Argentine Port Workers, or SUPA in Spanish, burned tires and prevented grain trucks from entering the two ports and others near Rosario, in Santa Fe province, 500 km (310 miles) north of Buenos Aires.

The strike began last week and initially affected only two terminals at San Martin port.

On Monday, the protests were affecting access to terminals belonging to Bunge and Aceitera General Deheza, Cargill, Toepfer, Nidera, Dreyfus, Minera La Alumbrera and Noble.

The strike pushed US soy futures up for the second day, with CBOT prices rising sharply on Monday.

Argentina is the third biggest world exporter of soy and the biggest provider of soy derivatives such as soyoil and meal. The current soy harvest recently started and traffic to the ports is high.

The stevedores union estimates that for each day of protests, they are blocking exports of 100,000 tonnes of grain, affecting US$12.5 million in exports, according to reports.

"It looks like strike season is on so that's going to be supporting the old-crop months (CBOT May and July soybean futures)," a CBOT trader said.

With the soy harvest expected to reach a record 51-55 million tonnes, port workers are asking for raises of up to 100%.