Total
0
Shares
Source: Reuters
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • US soybean exports jumped last week to a six-month high, with corn shipments the highest in a month, following the impact of Hurricane Ida
  • The export pace is well below normal for this time of the year as some terminals remain closed or at a operating at reduced capacity after the storm
  • Ida caused significant disruptions in overseas grain shipments weeks before the start of the Midwest harvest and a busy season for US crop exports
  • At the end of last week, grain inspection data showed 11 export vessels were loaded along the lower Mississippi River

US soybean exports jumped last week to a six-month high while corn shipments were the highest in a month as Louisiana Gulf Coast terminals ramped up operations disrupted by Hurricane Ida.

Nevertheless the export pace is well below normal for this time of the year as some terminals remain closed or at a reduced capacity after the storm flooded and damaged facilities, as well as wrecking the region’s power grid.

Ida caused significant disruptions in overseas grain shipments weeks before the start of the Midwest harvest and a busy season for US crop exports. This has sent export prices soaring and sparked global concerns about food inflation.

At the end of last week, grain inspection data showed 11 export vessels were loaded with corn, soybeans, wheat or sorghum at facilities along the lower Mississippi River.

This data is up from just seven vessels loaded a week earlier, but well below this time last year when 24 vessels were loaded for export at the busiest US grains hub.

Notably, 11 bulk vessels are docked and loading at Louisiana Gulf Coast and around 60 were lined up along the Mississippi River and waiting to be loaded.

More From The Market Herald

" UN chief urges Security Council to act on “epidemic of coup d’états”

United Nations chief Antonio Guterres called on Tuesday for the Security Council to act on “an epidemic of coup d’états” as the 15-member

" Facebook failed to police abusive content, documents show

Employees at Facebook have warned for years of the platform’s failure to police abusive and extremist content, focusing instead on becoming the global

" London expands vehicle levy for better air quality

Londoners with older or more polluting vehicles will be forced to pay £12.50 (A$23.01) to drive into the city in a bid t…

" Pacific pals: Russia and China partner up

Russia and China had their first combined warship patrol of the West Pacific ocean this weekend.