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Heavy September and October rains soaked Midwest crops and swelled rivers, slowing the harvest and halting barge traffic on parts of the Upper Mississippi. NOAA data showed September precipitation well above normal across the continental US, and a crane barge struck the Hannibal railroad bridge on October 4.
Wet weather delays harvest and river transport at the same time, which supports corn and soybean futures and raises barge freight costs. Buyers should expect firmer grain prices and higher logistics costs until rivers reopen.
waterwaysjournal.netDavid MurrayOct 12, 2018After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
After 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% 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.
