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Corn basis is weakening along with falling Mississippi River levels, with the river at Memphis at minus 4.1 feet and projected to drop to minus 5 feet by Sept. 10.
The Climate Prediction Center 8-14 day outlook points to below-normal rainfall across much of the basin.
Low river levels push up barge rates, which pressures local corn cash bids relative to futures and can slow movement to Gulf export positions during harvest.
uaex.uada.eduAug 30, 2023After 359 past bearish logistics events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -1.5% to +1.5%), and -0.5% over 20.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
