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.
