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Rail backlogs are disrupting US export trade across the US-Mexico border. Nearly 200 agriculture groups warned the White House that a possible East and Gulf Coast port strike starting Tuesday would worsen the problems.
The letter was sent on Friday.
Slower rail movement and possible port stoppages limit US grain and soybean loadings, which can weigh on US cash bids while raising freight costs for exporters. A port strike would further disrupt flows to export markets.
reuters.comP.J. HuffstutterSep 27, 2024After 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.
