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Water levels on the Mississippi and its tributaries are falling seasonally, and several gauges are near record lows for the third consecutive year. Hurricane Helene briefly raised levels at Memphis, but they fell back to -8.7 feet by October 23.
Barge freight rates are rising as grain and soybean movements pick up.
Each foot of lost draft cuts barge loads and forces shippers to pay the same freight for less cargo, pushing up the cost of moving grain to export positions. That cost is likely to be passed back to farmers as lower bids.
waterwaysjournal.netKen EriksenOct 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.
