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Drought in the Corn Belt and low Mississippi water levels cut 2023 corn barge volumes to 7.7 million tons, 30% below 2022. Panama Canal transits were reduced to about 24 ships a day, and Red Sea attacks are forcing longer Suez routings for U.S. corn.
Higher freight and longer routes raise the cost of U.S. corn at port, which reduces export competitiveness against Brazil and Argentina and firms U.S. corn prices.
ncga.comNational Corn Growers AssociationFeb 9, 2024
oklahomafarmreport.comSpencer AndersonFeb 9, 2024After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
Not enough comparable past events yet for a historical read.
After 156 past neutral events of any kind, Brazilian Real (BRL per USD) moved a median +0.3% over 5 sessions (56% higher; middle half -0.9% to +1.4%), and +0.4% over 20.
Not enough comparable past events yet for a historical read.
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.
