Cold weather impacts North American grain markets in Commodity News 27/01/2026 Cold snaps that have frozen stretches of the Mississippi River rippled through North American grain markets in the week ended Jan. 23, lifting US corn freight costs, supporting North America wheat values, while soybean basis at CIF NOLA found support from navigation restrictions, and DDGS markets strengthened as winter disruptions and rising energy costs tightened nearby supplies, market participants said. Corn market pressured by low temperatures: sources Cold weather and frozen sections of the Mississippi River affected the US corn market during the week ended Jan. 23, with sources reporting higher freight costs for CIF New Orleans and rising FOB Gulf prices. While prices remained relatively steady on Jan. 19-20, this was followed by an increase on Jan. 22 of $2.10/metric ton in the outright price for CIF New Orleans (January shipment), a rise of $1.70/mt for CIF NOLA (February shipment), and a climb of $3.25/mt for the FOB Gulf outright price (March shipment). Sources attributed the climb to freight costs in the CIF NOLA market. “It’s all river logistics,” a trader in the CIF NOLA market said, noting that parts of the Mississippi were frozen, keeping water levels down and causing navigation restrictions that make it harder for grains to reach the port of New Orleans. Participants said cold weather plus current affairs were key market drivers. “I think river logistics and potential for reciprocal tariffs are affecting things much more,” an FOB Gulf trader said. Low temperatures could also reportedly affect grain crushing, with ethanol facing pressure. The US Energy Information Administration published on Jan. 22 that ethanol output averaged 1.119 million b/d for the week ended Jan. 16, down 77,000 b/d from the week ended Jan. 16. “Intense cold can temporarily affect corn and soybeans crushing,” a trader said, adding, “Ethanol margins are already showing some pressure.” Platts, part of S&P Global Energy, assessed the outright price for FOB Gulf for March shipment at $432.75/mt on Jan. 23, while the outright price for CIF NOLA for February shipment was at $430.18/mt CIF NOLA soybean basis supported by cold weather Sources in the US soybeans market said that navigation restrictions along the Mississippi River due to low temperatures supported the CIF NOLA basis, with Platts-assessed basis for CIF NOLA for February shipment at 103 cents/bushel over the March (H) soybeans futures contract on Jan. 23. “The Mississippi River is freezing, and that’s causing water levels to drop, which is making barge drafts,” a trader in the CIF NOLA market said. “Because restricted so less beans can make it to the Gulf per barge, and there’s less barge availability, so freight is going higher.” The barge freight increase was also felt in the export market, with exporters reportedly struggling to get soybeans to New Orleans for shipping. “The barge market is so elevated for January, February and March, that the values are getting pretty crazy,” a trader in the FOB Gulf market said. “We are scrambling to get beans in position to load the [exports] program.” Platts assessed the soybeans outright price for FOB Gulf for March shipment at $432.75/mt on Jan. 23, while the soybeans outright price for CIF NOLA for February shipment was at $430.18/mt. Cold weather and dryer shutdowns support DDGS values US dried distillers grains with solubles markets strengthened in the week ended Jan. 23