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Experts say low water on the Mississippi River and the Panama Canal over the past year has slowed exports and raised shipping costs. Record low-flow periods hit in 2022 and 2023, and signs suggest another difficult year is possible.
The higher costs weaken US farmers' ability to compete with Brazil, which exported more corn than the US in 2023.
Higher barge and canal costs widen the basis and make US corn less competitive in export markets, which weighs on US corn prices while lifting freight costs.
agriculture.comCassidy WalterMay 2, 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.
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.
