Funds Flee Bullish Crop Bets as Hurricane Ida Disrupts Exports
- Money managers’ net-long positions shrink the most since June
- Mississippi River handles almost 60% of U.S. grain exports
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Hurricane Ida knocked out at least 10% of U.S. grain export capacity, and in the process wiped away optimism that corn and soy prices would rise.
Ida damaged grain elevators and shut off power at New Orleans-area terminals when it barreled through Louisiana at the beginning of the week. The shutdown in an area responsible for almost 60% of U.S. exports came as rains in the Midwest were raising expectations for the nation’s harvest.