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Flood waters have receded enough for normal commercial and recreational traffic to resume on the Mississippi River. The Army Corps of Engineers reopened locks from St. Paul to Lock and Dam 22, and a soy transport official expects water levels to stay robust through harvest after two years of low water.
Reopened locks and adequate water levels through harvest reduce barge freight costs and logistics constraints, which is mildly bearish for barge rates and river-origin grain basis.
brownfieldagnews.comLarry LeeJul 22, 2024Not enough comparable past events yet for a historical read.
After 284 past neutral logistics events, Corn moved a median -0.0% over 5 sessions (49% higher; middle half -1.3% to +1.4%), and -0.2% over 20.
After 230 past neutral logistics events, Soybeans moved a median +0.4% over 5 sessions (55% higher; middle half -1.4% to +2.0%), and +0.1% 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.
