Corn Crashes as Hurricane Ida Devastates Busiest U.S. Export Hub
- Damage at New Orleans trading hub may take months to fix
- Corn and soybeans head for fourth straight month of losses
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Corn prices in Chicago sank to a seven-week low as broken grain elevators and power outages in the U.S.’s busiest agricultural port raised concerns about grain supplies with nowhere to go.
Hurricane Ida left more than 1 million homes and businesses without electricity in southern Louisiana and also shuttered export terminals in New Orleans. Food supply chains were already under severe pressure amid the pandemic, with shortages of everything from packaging to truck drivers.