# Drought, war across the world hurting Minnesota farmers, agribusinesses

> Low water in the Panama Canal and attacks in the Red Sea are raising shipping costs for US grain and exporters. Rerouting is now common, and the canal's restrictions prevent the largest grain ships from transiting. Canal traffic is edging back toward normal as the drought recedes.

- Date: 2024-08-14 · published 2024-08-14T12:00:00.000Z
- Category: logistics · region US · magnitude medium
- Page: https://feedsoft.ai/events/17011-drought-war-across-the-world-hurting-minnesota-farmers-agribusinesses
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md), [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md)

## Why it matters

Higher and more uncertain freight costs for US Gulf exports to Asia put US soybeans and grain at a competitive disadvantage versus Brazilian and Black Sea supply.

## Read by commodity

- SOY: bearish ▼
- CORN: bearish ▼
- OCEANFRT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2025-09-30 | [Drought debacle: How the Mississippi River's low water levels are hurting crop income \| An official publication of Michigan Farm Bureau](https://feedsoft.ai/events/16428-drought-debacle-how-the-mississippi-river-s-low-water-levels-are-hurting-crop.md) | +0.7% | +5.6% |
| SOY | 2024-10-25 | [Mississippi River Dries Up Again at Worst Time for Farmers - TT](https://feedsoft.ai/events/16500-mississippi-river-dries-up-again-at-worst-time-for-farmers-tt.md) | -1.4% | -1.9% |
| SOY | 2024-10-17 | [Another Midwest Drought Is Causing Transit Headaches on the Mississippi River](https://feedsoft.ai/events/28038-another-midwest-drought-is-causing-transit-headaches-on-the-mississippi-river.md) | +1.8% | +2.5% |
| SOY | 2024-12-12 | [Chances of a Strike at East Coast and West Coast Ports are Growing; Here's How it Could Impact Farmers - Pork Business](https://feedsoft.ai/events/27003-chances-of-a-strike-at-east-coast-and-west-coast-ports-are-growing-here-s-how.md) | -4.4% | +1.8% |
| SOY | 2024-10-04 | [The Mississippi River is running low again: It’s a problem for farmers moving beans and grain – AgriNews](https://feedsoft.ai/events/28041-the-mississippi-river-is-running-low-again-it-s-a-problem-for-farmers-moving.md) | -3.0% | -6.1% |
| CORN | 2026-01-29 | [Drought, cold disrupts river freight \| Baking Business](https://feedsoft.ai/events/16394-drought-cold-disrupts-river-freight-baking-business.md) | -0.3% | -0.1% |
| CORN | 2025-09-30 | [Drought debacle: How the Mississippi River's low water levels are hurting crop income \| An official publication of Michigan Farm Bureau](https://feedsoft.ai/events/16428-drought-debacle-how-the-mississippi-river-s-low-water-levels-are-hurting-crop.md) | +0.8% | +1.0% |
| CORN | 2024-01-26 | [Drought and the Mighty Mississippi: USACE efforts to keep cargo flowing - CLN WorldWide](https://feedsoft.ai/events/16573-drought-and-the-mighty-mississippi-usace-efforts-to-keep-cargo-flowing-cln.md) | -0.9% | -7.1% |

## Sources

- startribune.com: https://www.startribune.com/chs-cargill-shipping-panama-canal-red-sea-suez-canal-houthi-minnesota-grain-exports/601109131

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.