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The U.S. Army Corps of Engineers said the Mississippi at Memphis hit a record low for a second straight year. Barges are being restricted to shallower drafts, so fewer products move per tow, and industry is shifting volume to road and rail and storing more product elsewhere.
Reduced barge loads raise transport costs and can trap grain in the interior, pressuring Gulf export basis and farm-gate prices. Forecasts of continued low water through winter keep this supply-chain strain in place.
waterwayscouncil.orgWaterways CouncilNov 8, 2023Not 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.
