Argentine Grain Terminal Accident Sends Soybean Prices Higher
The price of soybeans and bean meal jumped Friday as news continues to filter in from the April 24 grain terminal port accident in Argentina. The Chinese flagged Ocean Treasure, a bulk agricultural commodities carrier, struck and heavily damaged a pier at Puerto General San Martín north of Rosario on the Paraná River.
Ocean Treasure was preparing to load up to 24,000 tons of corn and a total of 27,000 tons of soymeal, according to shipping agency data.
The incident occurred at the north dock of Terminal 6. It is grain and liquid bulk facility on the Paraná River. Video of the incident shows the collapse of a fixed conveyor belt and loading equipment after impact. Guillermo Wade, the manager of Argentina’s Chamber of Port and Maritime Activity, told Reuters that one worker suffered minor injuries. He reported that T6’s north dock sustained serious damage, but the south dock remains operational.
Terminal 6 S.A., a joint venture of AGD and Bunge, loads out over 10 million tons of grains, protein meal, vegetable oil and biodiesel per year.
It is unclear how long repairs will take, but estimates range up to a full year.