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USDA data showed total US Gulf route costs for shipping corn and soybeans rose from Q2 to Q3 2023, with barge rates nearly doubling to $35.99 per tonne. PNW route costs fell slightly, and Gulf corn and soybean inspections fell about 25% year over year.
Weekly inspections were down 36% from the prior week.
Higher Gulf barge and total freight costs reduce farm returns and shift export flows toward the PNW, while weaker inspections signal softer near-term export demand.
world-grain.comJohn ReidyJan 5, 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, Soybeans 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.
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.
