Soy shipments stalled by dock strikes...
May 23, 2013
Argentina's multi-day wage strike by port-workers has now delayed countless cargo ships coming in and out of the country. Keep in mind Argentina is worlds #1 supplier of both soybean oil and meal. Supposedly more negotiations will take place today that are aimed at ending the work stoppage. Who knows if and for how long they will be able to come to an agreement. Remember, double digit inflation is ripping through their country and workers are continually demanding higher wages in order to keep up with the rising cost of living. From what is being reported at least 50 ships are stalled in the greater Rosario area with another 50 affected on the high-seas. Bottom-line, with the world begging for more soy, any signs of delay is prompting more bullish optimism.
Even crazier is the fact that Argentine's President Cristina Fernandez de Kirchner, in an attempt to try and calm down the public rage over inflation, made promises yesterday in a speech to boost social spending by 70% annually. Now how in the world will that solve the problem? The only way the government can get their hands on more money to give to the poor is to increase "taxes" on those working. Makes you wonder if the port-workers will every end up being satisfied?
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