Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Louisiana grain terminal reopens after Hurricane Ida as Nicholas rains arrive

Published 09/14/2021, 03:03 PM
Updated 09/14/2021, 03:05 PM
© Reuters.

By Karl Plume

(Reuters) - Another grain export terminal near Louisiana's Gulf Coast shuttered for two weeks by Hurricane Ida restarted operations this week even as heavy rains from Tropical Storm Nicholas battered the region on Tuesday.

Global grain trader Cargill Inc said it had reopened its Westwego, Louisiana, grain export terminal and on Monday unloaded its first grain barge since Ida came ashore on Aug. 29 and crippled shipments from the busiest U.S. grain export hub.

Cargill is the latest major grain trader to revive export operations after Ida devastated the region's power grid and damaged some of the nearly dozen grain terminals dotted along the Mississippi River from Baton Rouge to the Gulf of Mexico.

Heavy rains from Nicholas lashed storm-battered Louisiana again on Tuesday after coming ashore on the Texas Gulf Coast, bringing the threat of floods and more power outages. The storm was expected to move over Louisiana, Mississippi and the Florida panhandle through Thursday.

Power was finally restored to Cargill's heavily damaged terminal in Reserve, Louisiana, on Monday for the first time since Ida, but the company is still assessing damages from that storm and developing "phased reopening plans," Cargill spokeswoman April Nelson said.

Cargill is monitoring rains from Nicholas on Tuesday, but it has not confirmed any impact on recovery efforts, Nelson said.

Rival exporters Louis Dreyfus Co and Archer-Daniels-Midland Co have been loading export shipments for several days, while a facility owned by Bunge (NYSE:BG) Ltd remains shuttered, according to the companies and shipping sources.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

CHS Inc and Zen-Noh Grain, which also operate large grain terminals near the Louisiana Gulf Coast, did not immediately respond to requests for comment on their recovery efforts.

U.S. grain exports hit their lowest level in years last week as shippers struggled to restart their facilities at the Gulf, where some 60% of U.S. crop exports exit the country.

The U.S. corn harvest is starting, meaning more grains will be available to move in coming weeks.

Nine grain vessels were loading for export at Gulf terminals and floating rigs this week, up from just three late last week, a barge broker said.

Louisiana state officials said rains from Nicholas are complicating the recovery from Ida, particularly in flooded parishes and those still without power, and in areas along flood-swollen rivers.

"We've gone through this sort of thing in the past, where we will get two storms at a time during the peak of hurricane system," said Mike Strain, commissioner of the Louisiana Department of Agriculture. "It complicates matters."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.