June 8, 2011

 

Cargill suspends grain cargoes amid flooding

 

 

Cargill has suspended spot corn and soy deliveries at its Council Bluffs grain facility in Iowa due to the flooding in Missouri river.

 

However, it is still accepting contracted grain delivery. The move by the US grain giant is one of clearest signs that flooding along the Missouri is beginning to disrupt grains trade.

 

Cargill is also laying sandbags and building a berm or sloping wall around its major corn processing complex in Blair, Nebraska, also near the Missouri River north of Omaha, a Cargill spokeswoman said.

 

Water flows from many Missouri River reservoirs north of Iowa and Nebraska were at record levels already on Friday (Jun 4). The river was above flood stage at Omaha-Council Bluffs.

 

Recently, according to merchants, spot cash basis bids for corn and soy have dropped sharply in many western Corn Belt locations as Cargill and other major grain companies backed off their bids in the midst of farmers' rising grain sales.

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