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Mississippi River water levels have dropped to record lows amid a warm fall and expanding extreme drought. Iowa farmers harvesting soybeans for export are being affected as barge shipping on the river's main grain corridor becomes constrained.
Drought-driven low water is cutting barge capacity on the route carrying about 60% of U.S. grain exports. This raises freight costs and can widen Gulf basis, which weighs on interior farm prices.
pbs.orgMegan Thompson, Melanie SaltzmanNov 12, 2023Not enough comparable past events yet for a historical read.
After 363 past bearish weather events, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% over 20.
After 357 past bearish weather events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.3%), and -0.5% 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.
