One of the world’s biggest crop traders has halted loading of grain vessels at US Gulf terminals as the region’s worst snowstorm in 130 years slams the region.
Archer-Daniels-Midland Co. declared force majeure in southern Louisiana with vessels struggling to navigate the weather conditions, according to a person familiar with the matter. The company didn’t immediately provide comment.
Up to 10 inches (25 centimeters) of snow have fallen on New Orleans, snarling transportation in an area ill-equipped to deal with harsh, wintry conditions.
The Gulf is the biggest grain and soy port in the US, handling roughly two-thirds of domestic crop exports. This week’s shipping delays comes as traders wait to see if importers such as China move to step up purchases of American agricultural products to appease President Donald Trump after he took office Monday.
Topics USA Agribusiness
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