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The Drought Monitor shows drought affecting 50% of the Midwest, with 94% of Iowa in drought. Record-low water levels on the Ohio and Lower Mississippi rivers are affecting barge navigation, with levels recovering to just above record stages.
Low river levels raise barge freight costs and slow grain shipments from the Midwest, widening basis and pressuring prices at inland origins.
drought.govOct 19, 2023Not 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.
