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The Mississippi River is running low for a third autumn, with barges running aground even with lighter loads. Shipping costs are about 55% above the five-year average.
Analysts say the low water is hindering US farmers' ability to compete in overseas markets.
Freight costs running well above average reduce the net price farmers can receive for corn and soybeans, even though export demand is strong. Higher barge costs also widen basis in river-dependent regions.
ttnews.comMichael Hirtzer, Brian K. SullivanOct 25, 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.
