June 3, 2019 / 11:40 PM / 4 months ago

UPDATE 1-Argentina maritime union ends strike at Rosario grains hub

(Updates with end of strike through compulsory conciliation, union statement)

By Maximilian Heath

BUENOS AIRES, June 3 (Reuters) - An Argentine maritime workers union has agreed to compulsory conciliation, ending a strike that had stopped shipments in three terminals of the main grains port, Rosario, the Union of United Maritime Workers (SOMU) said on Monday.

The SOMU will enter a negotiating period of 15 days to reach an agreement with the government over wages after ending the strike, which began Friday and lasted for 72 hours, union officials said in a statement.

“In this conflict, the unity, solidarity and struggle of all SOMU workers to readjust our buying power against inflation was fundamental,” SOMU officials said.

“Now, a dialogue is open and all activities are back to normal in all ports in the next few hours,” the union officials added.

Argentina is in the midst of an economic crisis with annual inflation above 55%. The strike affected the terminals in the secondary channel of Puerto General San Martin, Guillermo Wade, manager of CAPyM, told Reuters, impacting companies including Archer Daniels Midland Co, Bunge Ltd and COFCO Corp.

Argentina is the world’s leading exporter of soy oil and meal, and the third leading exporter of unprocessed oilseed and corn. Rosario is the hub for 80% of the South American country’s agriculture exports. (Reporting by Maximilian Heath; Writing by Cassandra Garrison; Editing by Peter Cooney and Cynthia Osterman)

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