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On December 30th, amid a general sell-off in precious metals, the worlds largest silver ETF, iShares Silver Trust (SLV), fell nearly 9% intraday, heading towards its biggest single-day drop since 2020. Todays decline has pulled prices back to near pre-Christmas holiday levels. Despite todays sharp drop, SLV is still up over 140% year-to-date. According to fund documents, to meet the surge in demand this year, SLV had added nearly 67 million ounces of silver as of last Friday. However, analysts point out that while this figure seems large, it represents only a small fraction of total global silver demand this year. They emphasize that strong demand from solar panel manufacturers and increased imports from India (where precious metals are far more popular among savers than in the US) are the main drivers of overall demand growth.EIA Natural Gas Report: For the week ending December 19, total U.S. natural gas inventories were 3.413 trillion cubic feet, down 166 billion cubic feet from the previous week and down 129 billion cubic feet from the same period last year, a year-on-year decrease of 3.6%, while also 24 billion cubic feet below the 5-year average, a decrease of 0.7%.U.S. natural gas futures maintained their upward trend, currently up 5.2%; the EIA report showed that the inventory decline was in line with expectations.Fitch: Despite headwinds, U.S. property and casualty insurance underwriting profitability remains strong.U.S. EIA natural gas inventories for the week ending December 19 were -166 billion cubic feet, compared to an expected -168 billion cubic feet and a previous reading of -167 billion cubic feet.

The conclusion of the Argentine truckers' strike increases grain shipments

Charlie Brooks

Jul 01, 2022 11:36


The Argentine truckers' strike ended on Thursday, when several unions incensed by fuel shortages reached an agreement to terminate the one-week protest near the vital port of Rosario, which is expected to assist future grain exports.


The truck driver's protest over high gasoline prices has halted shipments of corn and other goods, just as the bulk of the harvest was making its way to ports for export to worldwide markets.


Due to the exclusion of a few tiny truckers groups from the deal, however, it is possible that certain protests may continue.


Argentina is the second-largest exporter of maize, the top exporter of processed soy oil and meal, and a major supplier of wheat and beef.


One of the unions, Autoconvocados Unidos, issued the following statement: "Despite our dissatisfaction (with the latest settlement of truck freight rates) and in light of the present crisis in our country, we have chosen to halt the strike."


The union described their action as an act of kindness.


The number of trucks entering ports surged by 70 percent on Thursday compared to the previous day, reaching approximately 1,500 vehicles, as reported by the Rosario grains market.


The Rosario ports are the departure point for 80 percent of Argentina's agricultural exports, the vast majority of which are transported by truck.


The ability of trucks to access the port is returning to normal, according to the manager of the country's marine port chamber, Guillermo Wade.


Additionally on Wednesday, the transport ministry secured a deal with non-striking agricultural and transport groups to hike grain freight charges by 25%.


However, the majority of protesting unions, led by the UNTRA truckers' union, felt the rate increase insufficient and chose to dismantle highway blockades.


The head of the UNTRA, Carlos Geneiro, said, "We have far greater expenses than that."


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