While producers could feel the pinch of a strike at the Port of Vancouver's grain terminals within a week, the markets won't feel much of a hit unless the strike continues for three or four weeks, analysts said.
Grain terminal workers at the Port of Vancouver are on strike this morning as shown by video posted by local media on X. Video from CityNews Vancouver shows workers picketing outside of Viterra's Cascadia terminal.
Chicago Board of Trade soybean futures hit nearly a seven-week high on Monday as uncertainty about Brazilian planting weather and the size of the U.S. harvest sparked a round of fund-driven short-covering, analysts said.
On Sept. 21, Grain Workers Union Local 333 issued a 72-hour strike notice to terminal operators represented by the Vancouver Terminal Elevators Association (VTEA). According to a letter posted to the union's Facebook page, workers will walk off the job on Tuesday morning.
LDC, one of the world's largest crop traders and processors whose competitors include ADM, Bunge and Cargill, said its core earnings (EBITDA) were $1.057 billion (C$1.434 billion) in the first six months of 2024, against $1.169 billion (C$1.586 billion) a year earlier.
Chicago corn and wheat futures ticked down on Thursday following lackluster export sales data released by the U.S. Department of Agriculture. Soybeans were dragged along for the ride despite more encouraging numbers, said analysts.
Soybean futures climbed on Wednesday on a round of short covering sparked by concerns over hot, dry weather in top producer Brazil that may threaten soybean seeding, traders said.