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Mississippi River levels have fallen for nearly a month, with the Lower Mississippi far below normal, especially at Memphis at minus 7.29 feet. Barge groundings are common and dredges are clearing channels, with rolling 24-hour closures starting September 8.
The falling water is arriving just as harvest moves north.
Channel restrictions and delays raise freight costs and can widen Midwest basis, which lowers prices farmers receive during harvest.
dtnpf.comMary KennedySep 10, 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.
