Monday, June 5, 2023
HomeFoodCorn Crashes as Hurricane Ida Devastates Busiest U.S. Export Hub

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Corn Crashes as Hurricane Ida Devastates Busiest U.S. Export Hub

Corn prices in Chicago sank to a seven-week low as broken grain elevators and power outages in the U.S.’s busiest agricultural port raised concerns about grain supplies with nowhere to go.

Hurricane Ida left more than 1 million homes and businesses without electricity in southern Louisiana and also shuttered export terminals in New Orleans. Food supply chains were already under severe pressure amid the pandemic, with shortages of everything from packaging to truck drivers.

The U.S. is the world’s biggest corn supplier and about two-thirds of its grain and soy exports exit through ports surrounding the southern metropolis. If disruptions linger, it could cause a supply glut just as growers in the Midwest Corn Belt start harvesting crops.

“Boats, barges, fleets are a mess and will take some time to get any flow back running,” Advance Trading Inc.’s Drew Moore said in a Farm Progress post Tuesday.

The biggest U.S. farm cooperative, CHS Inc., said it will divert vessels from a shuttered Louisiana terminal through September, and that power may not be restored for as long as four weeks.

December corn futures in Chicago dropped as much as 3.2% to $5.2525 a bushel, the lowest since mid-July. November soybeans also fell.

Weekly crop ratings from the U.S. government on Monday showed that soy and corn conditions held steady from the prior week.

Both commodities are on track to end August with a fourth straight month of losses amid an uncertain demand outlook and an ease in weather-driven supply concerns. That’s the longest such streak in a year for corn and since 2014 for soy.

Wheat futures in Chicago fluctuated. Soybean oil fell for a second day, pulling back as much as 3.4%.

[bloomberg]

Related Posts

Video

Finance & Economy
Shipping News
Ports

BW LPG appoints new CFO

BW LPG announced that it has appointed Ms Samantha Xu as Chief Financial Officer (CFO), effective 1 September 2023. Ms Xu has over 20 years...

Frontline Posts Highest First Quarter Results Since 2008

Frontline plc reported unaudited results for the three months ended March 31, 2023: Highlights Highest first quarter profit since 2008 of $199.6 million, or $0.90 per...

Diana Shipping posts slightly lower Q1 profit; takes out $123m in loans

Diana Shipping reported net income of $22.7 million and net income attributed to common stockholders of $21.3 million for the first quarter of 2023....

CMA CGM Profit Eases as Container Transport Demand Wanes

CMA CGM expects its profit to ease further for the rest of the year after a first-quarter decline, as an uncertain economy and influx...

Seanergy ‘well positioned to benefit from positive trend in Capesize market’

Seanergy Maritime Holdings Corp., announced its financial results for the first quarter ended March 31, 2023, and declared a quarterly dividend of $0.025 per...

Taiwan Shipping Firms Set to Hand Out Bumper Bonuses Again

Taiwanese shipping companies are handing out bumper mid-year bonuses despite a slump in global...

Baltic index hits over 3-month low amid lower coal imports

The Baltic exchange’s main sea freight index extended losses for the 15th session straight...

Baltic index falls for the month as vessel demand wanes

The Baltic exchange’s main sea freight index recorded its first monthly decline in four...

North Korea missile tests endanger shipping, UN maritime agency told

North Korean missile tests are endangering the safety of commercial shipping in busy sea...

Singapore Clamps Down on Tankers as Dark Fleet Grows

Singapore’s detentions of oil and chemicals tankers have surged since early last year, highlighting...

DP World Completes Terminal Expansion Project Vancouver Port

DP World has completed the AED954 million ($259.78 million) Centerm expansion project, increasing container throughput at the Port of Vancouver by 60 percent. The terminal...

DP World completes AED 954 million Vancouver port expansion

DP World and the Vancouver Fraser Port Authority have celebrated two historic events – the completion of the Centerm Expansion Project at DP World...

Alexandroupolis port gets 24 million euros of EU funding

Greece has secured 24 million euros ($26 million) in European Union funding to upgrade its northern Aegean Sea port of Alexandroupolis, privatisation agency HRADF...

Port Hedland Iron Ore Exports Down 5% in April

Pilbara Ports Authority (PPA) has delivered a total monthly throughput of 57.7 million tonnes (Mt) for April 2023. This throughput was a two per cent...

APM Terminals Reveals $1 Billion Investment in Brazil

APM Terminals’ CEO Keith Svendsen has pledged an investment of about US$1 billion in the company's Brazilian operations up to 2026. The amount includes around...