The Northern leg of the Mississippi River has been closed to barge traffic. It is a yearly tradition, but one that could make some moves in the markets, particularly when it comes to basis.
“Typically when you close the river, you know you see one last push on the basis to firm up, then it starts to soften up. So basis levels on corn particularly have been strong. I think the real risk from the producer standpoint is at what point, as we get turned into next year, do you see a pickup in farmer selling? So you know, the type basis now could change, you know, as we get into the first quarter,” said President of U.S. Commodities Dan Roose.
Te last two left Lock Two earlier this week. The upper part of the river will reopen some time next spring.
