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Hurricane Ida shut about 300 miles of the lower Mississippi River, and grain companies are shifting committed export volumes toward Pacific Northwest ports. Power outages across southern Louisiana leave the timeline for restarting terminal operations unknown.
Closure of Gulf export terminals removes a major share of US grain export capacity, which supports Gulf basis and corn and soybean prices while the shift to Pacific ports adds freight cost.
dtnpf.comMary Kennedy, DTN Basis Analyst, Chris Clayton, DTN Ag Policy EditorSep 2, 2021After 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.
After 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.
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.
