U.S. soybean exports jumped to a six-month peak last week while corn shipments were the highest in a month as Louisiana Gulf Coast terminals steadily ramped up operations disrupted by Hurricane Ida nearly a month ago, preliminary data showed today.
Reuters reports that the pace of exports moving through Louisiana’s ports is still well behind normal, as several terminals are still shut down or running at reduced capacity because of flooding and other storm damage.
Ida crippled overseas grain shipments weeks before the start of the Midwest harvest and the busiest period for U.S. crop exports, sending export prices soaring and stoking global worries about food inflation.
Weekly USDA grain inspections data, an early indicator of shipments abroad, showed 11 export vessels were loaded with corn, soybeans, wheat or sorghum at facilities in south Louisiana last week. That was up from just seven vessels loaded the week before but well below the same week in 2020, when 24 vessels were loaded for export. Read the full story.