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Reuters reports that a severe Amazon drought has disrupted ship traffic near Manaus and raised costs on northern shipping routes. Officials warn that thinning rivers could disrupt grain exports from the region in the coming months.
Higher river freight costs and possible delays for northern Brazil corn exports tighten logistics and can widen Gulf-to-Brazil and barge spreads. The effect is supportive for corn prices and freight rates while the low water lasts.
reuters.comAna ManoOct 9, 2023After 285 past bullish logistics events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.5% to +1.5%), and +0.8% 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.
