December 30, 2020
Argentina soy crushers and oilseed workers sign deal, end grains port strike
Argentina's soy crushing companies and oilseed workers' unions signed deal to increase workers' salaries, ending a strike that lasted for 20 days that affected grains exports like soymeal, Reuters reported.
The CIARA-CEC soy crushing chamber said the deal was signed after a 10-hour negotiation session. Workers will receive a 25% salary increase from January to August, with further wage increases to be determined by Argentina's inflation rate.
According to the Rosario grains exchange, the loading of 162 ships at Argentina's agro-industrial ports were delayed due to the strike, affecting US$1.458 billion worth of exports.
Soybean futures on the Chicago Board of Trade surged to its highest in six years because of the strike. Operations of agro-giants such as Cargill Inc, Bunge Ltd and Louis Dreyfus Co were also affected.