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The Army Corps of Engineers expects lock and dam closures on the upper Mississippi River, including Locks 12, 16 and 17, due to flooding in Minnesota, Iowa and Wisconsin. Closures are likely to halt cargo flow within the next week, and floodwater is expected to reach the St. Louis harbor over the weekend.
Halted barge traffic on the upper Mississippi raises freight costs and delays corn and soybean shipments, widening Gulf basis and supporting interior prices while barge rates climb.
proag.comJun 28, 2024Not 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 48 past neutral logistics events, Soybean Meal moved a median +0.7% over 5 sessions (60% higher; middle half -1.0% to +2.5%), and +0.7% 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.
