Argentina river pilots' strike paralyzes grain export corridors

A strike by Argentine river pilots is disrupting grain export flows in early August, draining liquidity from the FOB Up River premiums market and clouding the shipment outlook for one of the world's largest suppliers of corn and soybean products.

The strike began Aug. 1 after the Professional Association of River Captains and Pilots of the Merchant Marine instructed navigation professionals to stop taking new assignments once they completed existing commitments. The association said the measure would remain in place until legal and operational certainty is restored following the implementation of Decree 690/2026.

The decree introduced broad changes to pilotage regulations, including tariff caps, open registration for service providers and exemptions allowing some foreign captains with local navigation experience to operate without hiring local pilots.

The association said the new regulatory framework could compromise navigation safety and expose professionals to legal liabilities. It also said it would take legal action against the decree, which it described as unconstitutional and damaging to the sector.

"The river is totally halted," an Argentina-based broker said, describing the stoppage as a "new kind of strike" that is likely to last "a couple of days more." The source ruled out the possibility of mandatory government-imposed conciliation, as the strike does not involve wage negotiations.

Local media reports indicated the disruption had spread quickly across Argentina's main export corridors, particularly along the Paraná River and the Rosario Up River hub, which handles a significant share of the country's grain exports.

At least 140 vessels were awaiting pilotage confirmations, with the backlog growing as more ships arrived, the reports indicated. The bottlenecks have already prompted some shipowners to redirect cargoes to ports in Uruguay and southern Brazil, according to the reports.

Market impact

Argentina, the world's largest soybean meal exporter, saw limited activity in the FOB Up River premiums market Aug. 3. Few spot-shipment bids and offers were reported during the session as traders moved to the sidelines to assess the duration and impact of the strike, sources said.

Platts, part of S&P Global Energy, assessed FOB Up River soybean meal for September shipment at $355.38/mt Aug. 3, up 55 cents/mt from the previous day.

In Brazil, FOB Paranaguá soybean meal rose more sharply, up $2.75/mt to $365.30/mt. Market participants said tight crush margins and a potential shift in demand from Argentina to Brazil may already be supporting Brazilian prices.

S&P Global Energy CERA projects Argentina will export 29.50 million mt of soybean meal in the 2025-26 season, which runs from April to March.

In corn, export demand remains in place, but the market could become more difficult without an agreement to end the strike, a broker said. Spot demand could shift to Brazil as well if the disruption persists, the broker added.

Indeed, no agreement has been reached, and ports remain paralyzed, brokers said. The disruption has raised concerns over Argentina's export program at a critical point in the country's corn harvest.

S&P Global Energy CERA expects Argentina's 2025-26 corn production at 65 million mt, up sharply from 49 million mt in 2024-25, with corn exports at 43.4 million mt in the 2025-26 crop year, compared with 37.1 million mt in the previous season.

Platts assessed FOB Up River corn for September shipment at $211.52/mt Aug. 3, up $3.35/mt day over day. In Brazil, Platts assessed FOB Santos corn for September shipment at $225.68/mt, up $4.14/mt from the previous day.