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Soybean barge bids strengthened on exporter demand and higher barge freight costs, while corn barge bids dropped slightly on Chinese purchases. USDA reported a further 204,000 tonnes of private grain sales to China, bringing the total to 2.752 million tonnes as of mid-March.
Freight rose on Midwest rivers, with higher demand on the Illinois and Mississippi rivers.
Higher river freight and stronger soybean barge bids raise the cost of moving U.S. grain to export positions, while Chinese corn demand weighs on local corn bids.
financebrokerage.comGery ArcherMar 27, 2023After 206 past bullish logistics events, Soybeans moved a median +0.5% over 5 sessions (56% higher; middle half -1.3% to +2.6%), and +1.4% over 20.
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.
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.
