Farm supplier CHS Inc has dozens of loaded barges trapped on the flood-swollen M...
CHICAGO - Farm supplier CHS Inc has dozens of loaded barges trapped on the flood-swollen Mississippi River near St. Louis - about 500 miles from the company’s two Minnesota distribution hubs.
Railroads have also been plagued by delays from winter weather and flooding in the western Midwest, further disrupting agricultural supply chains in the nation’s bread basket. “Our barges are a long way from where we need them in the upper Midwest,” said Gary Halvorson, senior vice president of agronomy at CHS. “We really don’t think that any rail line will be at their preferred service rate until summer.”
Agribusiness giant Archer Daniels Midland Co said severe weather and flooding would cut its first-quarter profit by $50 million to $60 million while DowDuPont said flooding would slash first-quarter profits in its agriculture division by 25 percent. Some farmers could shift from corn to soybeans, which can be planted later and require fewer fertilizer applications. But soybeans will continue to face uncertain demand as long as the U.S. and top buyer China remain locked in a trade war.
In Iowa, the top U.S. corn producing state, the price of the common fertilizer urea was up 20 percent in late April from a year ago, and anhydrous ammonia was up 27 percent. Both hit their highest early spring levels in three years, according to U.S. Department of Agriculture data.
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