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As of September 12, barge operators had cut drafts and tow sizes on the Lower Mississippi because of low water, with tow sizes down 14-25 percent and 1-2 day transit delays expected. Hurricane Francine had closed most facilities south of Caro, IL.
The U.S. average diesel price fell for a ninth consecutive week to $3.555 per gallon.
Shallower drafts raise freight cost per bushel, which pressures Midwest basis and makes barge-dependent Gulf exports less competitive. Lower diesel costs partly offset the freight squeeze.
doi.orgSep 12, 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.
After 18 past bearish logistics events, ULSD / Diesel moved a median +0.6% over 5 sessions (56% higher; middle half -1.5% to +3.3%), and -0.2% 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.
