Corn, Soy Slide Further as Storm Damage Hobbles U.S. Export Flow
- Soybeans fall for fifth session, longest slump since June
- Demand is bearish as China’s corn-buying binge may lose steam
Soybeans harvest in Wyanet, Illinois, U.S.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
Soybeans declined for a fifth day and corn prices fell to a seven-week low as U.S. exports face obstacles after a storm tore through the nation’s busiest agricultural port.
Hurricane Ida, which ripped through Louisiana over the weekend, has left behind broken grain elevators, widespread power outages and shuttered export terminals in New Orleans. With shipping stalled in a region that accounts for about two-thirds of U.S. grain and soy exports, there’s concern supply could get backed up as the harvest season looms.