The giant oil slick in the Gulf of Mexico is causing some jitters in the grain market, as shippers assess the potential of the country’s largest grain port to face possible slowing from the disaster.
The port connecting the Gulf with the Mississippi river – known as the Southwest Pass – is the central point of export of soybeans, corn and wheat with between 55% and 65% of these grains moving from the port. If shipping slows, costs could rise as exporters need to find alternative ports or sources.
So far, ships moving in and out of the port have not been affected. The U.S. Coast Guard and shipping companies continue to monitor the situation.