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Corn prices are becoming more volatile as US exports face logistics constraints from low Mississippi River water levels caused by dry conditions in the Ohio Valley. Brazil's 2022-23 crop is forecast at a record 126.4 million tonnes, up 13.5 million, making it more competitive.
USDA had already cut US production in its October estimate.
Slower barge movement to Gulf terminals limits US corn exports and raises freight costs, which pressures US corn cash prices while Brazil's record supply pulls export demand away from the US.
fastmarkets.comMaryna MarynychNov 15, 2022After 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.
