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A tentative agreement on October 29 was expected to end the eight-day Great Lakes port strike, with union workers returning on October 30. A Canadian grain trader said soybean basis had weakened about 20 cents a bushel and corn had gone no-bid during the stoppage.
Resumed Seaway traffic should ease the export backlog, but the short navigation season means lost shipping time cannot be fully recovered, so freight and basis may stay firm into winter.
brownfieldagnews.comNicole HeslipOct 30, 2023After 206 past bullish logistics events, Soybeans moved a median +0.5% over 5 sessions (56% higher; middle half -1.3% to +2.6%), and +1.4% over 20.
After 285 past bullish logistics events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.5% to +1.5%), and +0.8% 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.
