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Hurricanes Ida and Nicholas damaged Gulf Coast grain infrastructure, with several Lower Mississippi elevators reopened and a Cargill facility possibly offline for months. Barge rates are rising as harvest proceeds, and soybean loadings from the Gulf were far below normal in mid-September.
Higher barge rates and reduced Gulf loading capacity increase the cost of delivering US corn and soybeans to export markets, supporting Gulf basis and freight costs.
hpj.comDavid MurrayOct 3, 2021Not enough comparable past events yet for a historical read.
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.
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.
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.
