AMSTERDAM: Cargo backups due to a labor dispute at West Coast container ports are pushing down corn prices in Illinois and could cause importers to renege on deals, adding to record domestic stockpiles of the grain.
With container shipment delays of two months or more at ports in California, grains handlers that transport supplies to the ports are slowing operations in the fastest-growing segment of agriculture exports.Corn buyers south of Chicago, where railroads converge in the country’s busiest rail hub, are slashing their bids.
The DeLong Company, one of the biggest shippers of “containerized” grain to destinations in Asia, is canceling a loading shift that was scheduled for Saturday in Minooka, Illinois. The company also reduced what it was willing to pay for corn by 7 cents, to $3.52 per bushel.It’s really affecting our bid. We can’t ship the stuff. If we can’t ship it, we can’t bid for it,” said DeLong grain buyer Kent Hamm.
