Loading…
A traffic jam on the lower Mississippi River swelled to 771 barges after a fractured bridge near Memphis closed the waterway. Reuters reported U.S. corn futures fell more than 5% from lofty levels.
Traders expected river traffic to resume within days, but shippers were not booking barges for the next two weeks.
The river is the main export route for Midwest corn and soybeans, so a prolonged closure delays shipments and builds Gulf export backlogs. Uncertain barge availability pushes up freight costs while the market reacts to the delay.
feedandgrain.comMay 14, 2021After 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.
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.
