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Flooding and ice on Midwest rivers have stalled barges supplying Gulf export terminals, with one Ohio River lock closed until about March 9. Cash premiums for barge-delivered grain at New Orleans have reached their highest level in months, making new export sales difficult.
The disruption comes as the US and China work on a trade deal that could restart Chinese purchases.
Port congestion and high Gulf premiums slow US export sales just as cheaper South American supplies arrive, which weighs on US export demand and futures.
gcaptain.comReutersMar 1, 2019After 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.
