Commodities markets are bracing themselves for more food price rises this week as an increasingly tense farm strike in Argentina fuels concerns among importers and strains global stocks.
Argentine farmers halted sales of grains, oilseeds and beef until midnight on Friday after the government rejected their demands to cut a 35 per cent export tariff on soya and sought political support by sharing proceeds of the levy with Argentina's provinces instead.
Argentina is the world's second biggest exporter of agricultural commodities and its sales of soya and corn are critical at this time of year to importers such as China, who turn to Argentina and Brazil until US harvests become available.
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