
Low river levels on the lower Mississippi, the fourth consecutive year of such conditions, are restricting barge loads and tow sizes south of St. Louis. The Army Corps says the upper river remains fully open.
Operators must make more trips to move the same volume, adding costs passed on to farmers.
Lighter barge loads and extra trips raise freight costs and reduce the Gulf export capacity for grain, pressuring basis and widening the spread between Interior and Gulf prices.
Not 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.