Barges of corn are being loaded on the Mississippi River this week for shipment to Gulf export terminals as river shippers work to move much of this year’s large harvests. Soybeans are going south too, but shippers said much of the business was corn.

The shipments have been aided by a smooth upstream flow of empty barges that have been quickly loaded for the return trip downstream. While barge rates have eased in the past week, shippers said values should stabilize as barge supplies appear to be sufficient for demand.

Barges of corn are being loaded on the Mississippi River this week for shipment to Gulf export terminals as river shippers work to move much of this year’s large harvests. (Photo: joe raedle/Getty)

Corn continues to be piled on the ground as this year’s harvest winds down. Piles that are classified as “emergency” storage by states need to be picked up in about 30 days, while grain in “temporary” storage can stay longer, grain merchants said.

In Illinois, the southeast rail market and local processors are competing for corn, while local processors are the best market for soybeans.

In eastern Iowa, processors are working partial days, which continued to narrow the options of where farmers can deliver grain.

In export markets, corn at the Gulf was bid about 39 cents over December for November shipment, compared with 47 a week ago, while soybeans were bid about 33 over January versus 42.5 a week ago.

Barge grain shipments during the weekend Nov. 5 were 1,189,126 tons, down 7% from the prior week and 51% from a year ago. In the rail sector, grain car loadings totaled 25,247 for the week ended Oct.29, down 5% from the prior week and up 4% from a year ago, said USDA’s grain transportation report said.

For truckers, the U.S. average diesel fuel price was decreased a penny in the latest week to $2.47 per gallon. That is 3 cents under a year ago.

USDA’s latest weekly grain inspections for corn of 24.3 million bushels were down 33% from a week ago, and missed trade forecasts and were under the pace needed to meet USDA’s annual export forecast. Soybean shipments of 102.3 million were up from a week ago, matched the top end of trade forecasts, and easily topped USDA’s projected weekly rate. Wheat shipments of  7 million were down sharply from a week ago and missed trade forecasts. They also were short of  USDA’s weekly rate.

Weekly Grain Movement - Nov. 7, 2016 - Corn piles up as harvest winds down

Weekly Grain Movement - Oct. 31, 2017 - Farmers sell corn, hold onto soybeans