Grain prices climb as floods close waterways, jeopardize crops

As residents and businesses near Missouri’s swollen waterways try to stave off rising waters or survey the initial effects of rivers that have breached containment, grain farmers and commodities buyers are engaging in another sort of struggle.

Farmers have been forced to find shelter for their crops, and handlers are seeking alternative transportation routes as flooding has shut down river routes and sent prices for corn and soybeans soaring.

The sudden price spike could shift the balance of a months-long standoff between farmers, who have been unwilling to sell their bumper crop at low prices, and buyers, who have resisted making higher offers given the bountiful supply.

Cash premiums for soybeans in the U.S. barge market climbed as high as 70 cents per bushel Wednesday, their highest level since November. Corn surcharges reached 49 cents, up nearly a third over last week.

Read more from the St. Louis Post-Dispatch

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