Labor strikes by Argentine port employees pushed soybean futures to their highest prices since July 2008 as demand increased for exports from the U.S., which is the world's largest shipper of soy and corn, Bloomberg reports.
Access to the South American nation's primary ports have been blocked for grain vessels, which turned into the U.S. exporters' benefit as the labor dispute sees workers demanding raises.
Shortly after 2 p.m., soybean futures were up 1.77 percent, a 0.25 cent increase to $14.38 per bushel. Corn futures were up 0.99 percent, a 6.5 cent increase to $6.66 per bushel.
"The Argentina strike is helping to bolster demand for U.S. exports," Dale Durchholz, senior market analyst at AgriVisor in Illinois, told the news service. "It's a plus for U.S. exports as long as the strike continues to shift demand."
Corn and soybeans are the U.S.' top crops. In 2009, the former was valued at $48.6 billion while the latter pulled down $31.8 billion.
The U.S. Agriculture Department reported sales of 120,000 metric tons of corn and 110,000 tons of soybeans for delivery by the end of August.
"The sales may be the result of the Argentina port strike," Anne Frick, Prudential Bache Commodities senior oilseed analyst, told the news service.
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