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Barge rates on the Mississippi River fell despite low water levels and ongoing barge movement restrictions. USDA's grain transport indicator for barge traffic dropped to 326 in the week before its 19 October report, from 366 the previous week.
Spot rates were near the five-year average because of weak export sales, and the Memphis gauge hit a record low in mid-October.
Weak export demand is offsetting the usual freight premium from river restrictions, so barge rates are falling. Lower freight costs slightly support interior basis, but low river levels still constrain grain flows.
ofimagazine.comNov 8, 2023Not 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.
