Argentine oilseeds unions signed an agreement with the country's crushers on December 29 to end a 20-day strike over wages that paralyzed exports, the Argentine oilseed unions said. Reuters .
The deal included a 25% increase in wages in two parts from January to August. Increases for the rest of the year will be determined by the inflation rate, Argentina's crushing and export chamber, CIARA-CEC, said in a statement.
“An agreement was reached to suspend the strike that paralyzed port terminals and the agro-industrial complex,” said CIARA-CEC.
According to the Reuters , workers went on strike over wages they said did not fully compensate them for Argentina's high inflation rate and the risk of working during the COVID-19 pandemic.
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Previous wage negotiations involving crushers' union FTCIOD, the San Lorenzo Oil Workers Union (SOEA) and grain receivers' union Urgara have stalled, with Urgara and FTCIOD signing an agreement in October to coordinate future strikes and negotiate on set salary increases and better working conditions.
Reuters reported that the Rosario grain exchange said the shipment of 162 ships had been delayed at ports in Argentina, affecting around US$$1.458 billion in exports.
Soybean milling and other agricultural industry activities have also been suspended since workers left work on December 9.
The strike affected the operations of international agribusiness giants such as Cargill, Bunge and Louis Dreyfus, and caused soybean prices to soar, reaching a six-year high on the Chicago Stock Exchange, the company added. Reuters.
This text was automatically translated from English.
Source: Oils & Fats International (OFI)
