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USDA reported that all locks and dams above Lock 17 near New Boston, Illinois, will close for about three weeks due to Upper Mississippi flooding. No freight is being accepted along the Twin Cities and mid-Mississippi portions of the river.
Barge closures force grain and fertilizer shippers onto costlier truck or rail, widening basis and freight costs for Midwest grain and fertilizer while tying up northbound fertilizer ahead of planting.
reuters.comP.J. HuffstutterApr 27, 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.
After 49 past bullish logistics events, Urea moved a median -0.3% over 5 sessions (45% higher; middle half -1.3% to +2.2%), and -0.4% 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.
