Argentine soy and corn exports may be disrupted by strike

Argentine soy and corn exports may be disrupted next week by a strike if workers who control the quality of grains and beans do not receive a 48% raise, the union said.

The union, known as URGARA, is seeking ARS6,000 (US$1,532) a month or workers will strike on June 14, union head Alfredo Palacios said. Employers are offering an increase to ARS4,800, he said.

Argentina is the world's third-largest exporter and producer of soy and the second-largest exporter of corn, according to report data. The largest exporters in Argentina are Cargill Inc. and Bunge Ltd.

Soy futures for July delivery climbed 12.5 cents, or 1.3%, to US$9.435 a bushel on the CBOT, the first gain since June 3. The price is down 12% in the past year, partly because of increased production in Argentina in Brazil.

Meanwhile, corn futures for July delivery rose 1 cent, or 0.3%, to US$3.3825 a bushel on the CBOT, the second straight gain. The price has slipped 18% this year, in part because of rising supplies.