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The USDA said barge traffic would be halted across a wide stretch of the Upper Mississippi River for weeks after record winter snowfall melted and flooded waterways. Locks and dams above Lock 17 were closed with no freight accepted, and closures could extend as far south as Lock 22.
Barge freight rates fell as grain sales slowed.
Halted barge movement forces grain and fertilizer onto costlier truck or rail, and weak barge demand lowers freight rates, which can widen basis at Mississippi-served elevators.
feedandgrain.comLisa CleaverMay 1, 2023Not enough comparable past events yet for a historical read.
After 284 past neutral logistics events, CORN moved a median -0.0% over 5 sessions (49% higher; middle half -1.3% to +1.4%), and -0.2% over 20.
After 230 past neutral logistics events, SOY moved a median +0.4% over 5 sessions (55% higher; middle half -1.4% to +2.0%), and +0.1% 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.
