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Barge Backup Continues on Mississippi

U.S. corn futures sank more than 5% as traffic jam swells to 771 barges

A traffic jam on the lower Mississippi River swelled to 771 barges on Thursday as a fractured bridge near Memphis closed the waterway that is crucial for U.S. crop exports,.

Reuters reports U.S. corn futures sank more than 5% in a setback from lofty prices.

Grain traders told Reuters they expect river traffic to resume within days. Shippers are not booking barges for this week and next week, however, because the closure has left them uncertain barges will be available.

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