Loading…
USDA's Grain Transportation Report of October 19, 2023 notes a record low river gauge at Memphis on the Mississippi, with an official reading of -11.52 feet and an unverified -11.98 feet on October 17. Records were also set on the Ohio at Cairo and the Missouri at New Madrid, and draft and tow restrictions remain along the entire system.
St. Louis spot barge rates fell for a third week to $23.06 per ton, down 68 percent year over year.
Low water restricts barge loadings and pushes grain to alternative routes, which weakens basis at Mississippi elevators. Lower barge rates this year reflect weak export demand rather than easing constraints, so the freight signal is mixed.
doi.orgOct 19, 2023After 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.
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.
