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Kirby Corp reported a jump in its bottom line, driven by big rate increases in its inland barge fleet. Spot barge rates rallied despite low water levels on the Mississippi River.
CEO David Grzebinski expects the fourth-quarter strength to carry into the new year.
Low Mississippi water levels constrain barge capacity and push up freight costs, which widens the basis for grain and meal shipped from the Midwest. Higher barge freight makes US origin feed ingredients less competitive in export markets.
tradewindsnews.comMatt CoyneJan 31, 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.
