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Record rainfall and flooding in Iowa, South Dakota and Minnesota have disrupted rail and road movements. A BNSF bridge over the Big Sioux River collapsed on June 23, leaving several BNSF subdivisions out of service, and Union Pacific issued an embargo affecting grain elevators, ethanol plants, soybean crushers and flour mills in northwest Iowa and southern Minnesota.
Rail embargoes and washed-out track delay grain and meal shipments out of the Upper Midwest, which can widen local basis and pressure cash prices while shifting flows to trucks and barges.
doi.orgJun 27, 2024After 285 past bullish logistics events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.5% to +1.5%), and +0.8% over 20.
After 206 past bullish logistics events, Soybeans moved a median +0.5% over 5 sessions (56% higher; middle half -1.3% to +2.6%), and +1.4% over 20.
After 167 past bullish logistics events, Soybean Meal moved a median +0.5% over 5 sessions (54% higher; middle half -1.8% to +2.9%), and -1.2% 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.
