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On March 11, it was reported that on March 10 local time, Samsung Electronics and SK Group announced plans to cancel a total of 20.8 trillion won (approximately US$14.1 billion) of treasury shares.March 11 (Futures News) – According to foreign media reports, Chicago Board of Trade (CBOT) corn futures fell for the second consecutive trading day on Tuesday, with the benchmark contract closing down 0.3%, mainly due to a sharp decline in international crude oil futures. Trumps prediction that the war with Iran might end soon lowered market expectations for prolonged supply disruptions, causing crude oil prices to plummet by more than 13% on Tuesday. The previous trading day had seen prices surge to their highest level since 2022. Reports indicated that a convoy of at least 25 supertankers was diverting to the Red Sea due to shipping disruptions in the Strait of Hormuz. This news also negatively impacted the crude oil market. The USDAs supply and demand report showed that U.S. corn ending stocks for 2025/26 remained unchanged at 2.127 billion bushels, lower than the market expectation of 2.155 billion bushels. Brazils corn production forecast was revised upward by 1 million tons to 132 million tons, while Argentinas production forecast was revised downward by 1 million tons to 52 million tons.On March 11th, according to foreign media reports, soybean oil futures on the Chicago Board of Trade (CBOT) closed lower on Tuesday, with the benchmark contract down 0.7%, mainly due to a sharp drop in international crude oil futures. International crude oil futures plummeted by over 11% on Tuesday as US President Trumps statement that the war between the US and Iran would end quickly eased concerns about long-term global supply disruptions, putting downward pressure on the Chicago soybean oil market. The USDAs supply and demand report showed that soybean oil production was slightly revised down to 29.92 billion pounds, despite an increase in crush volume forecasts, due to a lower soybean oil extraction rate. Domestic soybean oil consumption in the US was slightly revised down, with a decrease in soybean oil usage in the biofuel industry, but this was largely offset by an increase in usage in the food, feed, and industrial (FSI) sector. The expected soybean oil usage in the biofuel industry was lowered by 800 million pounds to 14 billion pounds, while ending stocks were slightly revised up to 1.782 billion pounds. The 2025/26 US soybean oil price forecast was raised by 2 cents to 55 cents per pound.On March 11th, according to foreign media reports, Chicago Board of Trade (CBOT) soybean futures closed higher on Tuesday, with the benchmark contract rising 0.6%. Despite a sharp drop in international crude oil futures, Chicago soybean futures still closed higher. The U.S. Department of Agriculture released its highly anticipated monthly supply and demand report in the morning, but the market reaction was muted due to minimal adjustments in the data. The 2025/26 U.S. soybean ending stocks forecast remained unchanged at 350 million bushels, higher than analysts forecast of 343 million bushels. Brazilian soybean production was estimated at 180 million tons, while Argentinas production forecast was lowered to 48 million tons from 48.5 million tons last month. Global soybean ending stocks for 2025/26 are projected at 125.31 million tons, a decrease of 200,000 tons from February. Traders quickly refocused their attention on the impact of the ongoing conflict in the Middle East, U.S. spring planting intentions, and upcoming biofuel policies.Japans corporate goods price index fell 0.1% month-on-month in February, in line with expectations and down from 0.20% in the previous month.

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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