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Dry fall weather sped the Midwest and South harvest but slowed grain transport on the Mississippi River, which is in its third year of low water. Recent storms brought some moisture, yet USDA said 87.2% of the lower 48 was in drought, the largest share in at least 25 years.
Low Mississippi River levels raise barge freight costs and delay shipments, which can widen Gulf basis and pressure prices for grain moving to export.
agri-pulse.comNoah WicksNov 6, 2024Not enough comparable past events yet for a historical read.
After 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.
After 297 past bearish logistics events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.5% to +1.8%), and +0.7% over 20.
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.
