The basin produces 92% of the US’s agricultural exports
Prolonged drought is jeopardising waterborne trade along the Mississippi River, a basin that produces 92% of the nation’s agricultural exports.
The Mississippi River is no stranger to hard times. In 2012, for instance, the Great Plains drought led to $35bn in losses for the US, including closing the river on at least three occasions. In 2020, the total value of domestic commerce that moved from Minneapolis to the mouth of the river was almost $70bn, according to the US Army Corps of Engineers .
The timing couldn’t be worse because barges are carrying recently harvested maize and soya beans up and down the river, two of the top-three most heavily transported commodity products. Futures prices were little changed for the week, but the soya bean cash basis, which better reflects how much farmers will get for their crops, sank to the lowest level in GeoGrain data going back to 2003.
The blockages are forcing companies to find other methods to move goods such as metals, agricultural products and fertilisers, while some are postponing planned loadings by barge until conditions improve. Shippers are already seeing costs rise for rail and truck transport.
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