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U.S. Grain Shipping Costs Soar With War and Drought Swinging Demand

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Wheat Volatility Adds to Global Food Security Concerns
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War in Ukraine and drought in Brazil have global crop importers turning to the U.S., and the pivot means costs to ship grains and soybeans on the Mississippi River have soared to an almost eight-year high.

China and other importers were purchasing more soybeans than usual at this time of year from the U.S. after dry weather took a toll on the crop in top-producing Brazil. Meanwhile, Russia’s invasion of Ukraine has damaged ports along the Black Sea and halted corn shipments beginning last month.