Barge traffic reopens under I-40 bridge, grain outlook
Barge traffic under the I-40 bridge near Memphis has been reopened this morning after being closed since Tuesday.
Iowa State University ag economist Chad Hart said recent drops in grain prices following USDA’s supply and demand report and the temporary stoppage in barge traffic won’t slow grain’s bull market long-term.
“Let’s face it,” he said. “We’re still talking about nearby corn futures with a six in front of them, we’re still talking about nearby soybean futures well into the teens. And so, while we’ve seen some setbacks here, we’re still looking at some very good prices out there.”
He said the market’s sharply lower move in July corn and soybeans, partially due to the bridge closure, likely won’t continue. Hart tells Brownfield traders were fearful of an extended shipping bottleneck hindering exports.
“That tends to mean delays and higher cost, and possibly some cancelations in some of those sales, and that drove prices down significantly yesterday.”
Hart said the temporary stoppage in barge traffic had a relatively minor impact with fewer exports this time of year than in the fall.