Fruits of the Fight: Urgara declares victory
Grain inspectors and tugboat pilots return to work after nearly two months of industrial action, ending 160-ship log jam and kick-starting Argentinian exports.
Argentinian grain inspectors’ union, Urgara, has agreed to retroactive wage increases for 2020, breaking the deadlock that brought exports to a standstill in the last months of 2020. The union also negotiated a 13 per cent pay increase for January through to June and a bonus of nearly 2000 USD.
Guillermo Wade, manager of port group CAPyM, said: “Everything is getting back to normal after, in some cases, nearly two months of protests.” A recently ended three-week strike by soybean processors had also disrupted exports and yesterday’s news will ease the furrowed brows of many in the shipping industry and among the ranks of traders Cargill Inc. and Bunge Ltd.
Markets reacted swiftly: Bloomberg reports soy-meal futures in Chicago fell 1.4 per cent yesterday, after reaching a six-year high on Wednesday. Soy meal is the main constituent of livestock feed and soy oil is used in cooking and biofuels.
