Today we have:
Soybeans in Chicago Advance by Daily Limit on Argentina Protest
By Aya Takada and Marianne Stigset
March 26 (Bloomberg) -- Soybeans in Chicago soared by the daily limit on concern that supplies from Argentina may be curbed after farmers blocked ports and threatened to plant fewer crops in protest at a rise in export taxes............xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
We also have:
CHICAGO, March 26 (Reuters) - Bunge Ltd (BG.N: Quote, Profile, Research), the world's largest oilseed processor, said on Wednesday it has declared force majeure on shipments from Argentina due to a farmer strike that has entered its second week.
"We have had to declare force majeure on certain contracts, but because we have a global asset network, we are working to serve customers with supply from our operations in other major origins," said Bunge spokesman Stewart Lindsay. (Reporting by Lisa Shumaker)xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
What about that ADM vs BG arbitrage play?
"....The yield premium investors demand to own Argentine bonds over Treasuries widened 18 basis points, the most in emerging markets, to 5.53 percentage points in New York, according to JPMorgan Chase & Co.'s EMBI Plus index. A basis point equals 0.01 percentage point.
The risk of owning Argentine bonds also surged today, according to Bloomberg data. Five-year credit default swaps based on the country's debt climbed 23 basis points, the most since Feb. 8, to 556 basis points. That means it costs $556,000 to protect $10 million of the country's debt from default...."
In fact, of all the possible trades mentioned, the only theoretical loser was CRESY that finished 18c up at U$15.73. You might have had problems getting in on the soybean trade at it just limited up on us , but there was plenty of coin available in all the other outlined trades.
And I said this wouldn't be a stockpicking site....hmmmmm. Thank me later.