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About 360 Unifor workers in Ontario and Quebec walked out on October 22 over wages with the St. Lawrence Seaway Management Corp. The strike shut 13 locks between Lake Erie and Montreal, trapping ships in the Great Lakes and blocking new arrivals.
With the locks closed, grain and fertilizer exports and imports stall during the busy fall shipping season, which can widen basis discounts for soybeans and corn and tighten freight.
apnews.comSteve KarnowskiOct 26, 2023After 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 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.
