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.
Bunge Grain Terminal Puerto General San Martín
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.
Apr 26 | Commodity Week
- Aaron Curtis, MIDCO
- Ellen Dearden, AgReview
- Brian Hoops, Midwest Market Solutions
- Mike Zuzolo, Global Commodity Analytics & Consulting
Closing Market Report
Be sure to listen to our daily Closing Market Report on WILL AM580 & the Farmweek Now radio network at 2:06pm each business day of the year. It is posted to WILLAg.org by about 3pm central time each day, too. Here’s a playlist of last week’s programs.
USDA Data Users Group Meeting
USDA annually checks in with those that use the production agriculture data it gathers. Todd Gleason has more on the reasons why from the Data Users Group meeting in Chicago.
Yield Implications of Delayed Corn Planting
A Corn Price Conversation with Todd Hubbs
The lateness of the planting season coupled with smaller acreage has put a fundamental lift into the corn market. Todd Gleason talks with the University of Illinois commodity markets specialist about what it might mean for prices.
Illinois Agronomy Handbook Spring Nitrogen Recommendations
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President Donald Trump made a speech Saturday in Washington, Michigan. Thirty-seven minutes into the speech he talked about farmers, trade with China & Japan, the guest worker immigration program, cattle, wheat, and NAFTA. You may watch the whole speech here, but it is set to start at the 37-minute mark with the trade and farm issues.