Hurricane Ida weakens grain markets
Hurricane Ida has weakened the grain markets.
Corn and soybean futures have traded lower in the days following Hurricane Ida swamping the Louisiana coast.
Advanced Trading risk manager Tommy Grisafi says export business has been disrupted.
“When your major exporters are saying they’re going to be shut for a while and don’t know when they’ll get power back, it makes boats change their mind where they’re going. Instead of going to the Gulf, they go back down to South America and get that crop and keep moving. So it’s definitely a hiccup.”
But Grisafi remains bullish long-term.
“If we’re in a multiple year bull market, which seems to be what we’re doing, a two week downturn during what would normally be harvest pressure, this will just help exaggerate what was already a problem is going to be a little bigger problem until we can get things flowing again.”
Brownfield interviewed Grisafi during the Peterson Farms Seed field day near Fargo, North Dakota on Wednesday.