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A crack in a Mississippi River bridge near Memphis stranded more than 700 barges, closing the main route for U.S. agricultural exports. The U.S. Coast Guard said the route is shut while Tennessee transportation officials inspect the bridge.
The queue stood at 47 vessels and 771 barges.
Stranded barges delay grain and soybean shipments to the Gulf, which can widen Gulf basis and weigh on Midwest cash prices. Freight costs rise while the route is closed.
bloomberg.comIsis AlmeidaJun 1, 2021Not enough comparable past events yet for a historical read.
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.
