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Low water on the Lower Mississippi and its tributaries is again hurting harvest logistics, with the Memphis forecast possibly approaching or surpassing last year's record low of -10.81 feet. Shippers report reduced barge capacity from St. Louis to the Gulf, and barge freight costs are rising.
Higher barge freight is passed back to farmers through wider basis, cutting the price received for grain and making river-delivered feed ingredients more expensive. Persistent low water would keep upward pressure on freight and delivered feed costs.
dtnpf.comMary KennedySep 18, 2023Not 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.
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.
