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Mississippi River levels fell to historic lows for a second consecutive autumn, complicating barge operations during the 2023 harvest. Barge rates far exceeded normal seasonal patterns in 2022 and 2023, though rates had recently eased as export demand slowed.
Low water restricts barge loads and lifts freight costs, which lowers net farm prices and widens basis at inland elevators while supporting Gulf export spreads.
cmegroup.comCME GroupFeb 1, 2024After 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, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.5% to +1.8%), and +0.7% 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.
