Good morning. I want to begin by extending my thanks to the North American Millers’ Association (NAMA), NAMA Chair Brian Doyle of King Milling Company, and NAMA President Jane DeMarchi, as well as staff member Megan Baker, for the invitation to your 2023 Annual Meeting. It is an honor to speak to NAMA members about the importance of the milling industry and grain markets—these are truly kitchen table issues that we all care about.[1]

I also want to take a moment to express my deepest gratitude to NAMA for your support throughout my nomination process as one of the five Presidentially-appointed and Senate-confirmed Commissioners of the CFTC. It is because of dedicated organizations like NAMA, committed to upholding the highest standards in our agricultural economy, that I am privileged to serve as a CFTC Commissioner and safeguard the markets that agricultural producers rely upon for risk management and price discovery. Without all of you, we wouldn’t have our favorite cereal at breakfast, sandwiches at lunch, pasta at dinner, and let’s not forget cake for dessert.

Last night I had the pleasure of joining you for your awards dinner and hearing wonderful stories about the rich history of the milling industry and the strength of the community. Earlier this week, I was in Chicago, speaking to the Futures Industry Association (FIA) about innovation in accelerating collateral management, and it’s great to be able to come here to end a great week. I think it truly shows the breadth of the CFTC’s mission and thank you again for hosting me.

I’ll provide my standard disclaimer that the views I share today are my own in my official capacity as a Commissioner, and do not necessarily reflect those of the CFTC or my fellow Commissioners.

Agriculture Is About Community

I’d like to begin by giving a little background about myself for those I haven’t had the pleasure of meeting yet. I was born and raised in Modesto, which is in the Central Valley of California, also known as the “food basket of the world.” Growing up, horses and orchards were two big features—the horses that I rode on the ranch and showed in 4-H at the county and state fair, and the orchards that my family owned and that surrounded our neighborhood until times changed and development came. Before I lived and worked in the big city, agriculture was all around me and part of my community. As a CFTC Commissioner, I’ve appreciated being able to recognize and honor my roots, and that’s why it’s special to me to have the honor of speaking to you all, as leaders of a global agricultural community that is focused on food safety in milled products, nutrition for American consumers and people around the world, and the grain supply chain.

This is actually my fourth time at the CFTC. There’s nothing like starting at the bottom and working your way up. Right after the 2008 financial crisis, there was a lot of focus on prices in the commodity markets. During that time, I worked on the CFTC’s efforts to implement a federal position limits rule that would apply to our agricultural futures, including futures and options on wheat, corn, and oats. We at the CFTC heard from producers and commercial end-users about how we needed to get it right because the stakes for the real economy were so high. This very involved and complex change to our agricultural futures markets underscored, for me, that our Nation’s agricultural economy needed to be supported with thoughtful, balanced regulation—not a rule that could be the final straw that broke the camel’s back. Running a business and taking care of your employees and customers is challenging enough without someone in Washington, D.C., making it worse. It left a lasting impression on me, and when I went to work in the private sector, that direct engagement with agricultural producers was key to my understanding of the commodities business and the needs of our corporate and commercial clients better.

Our Nation’s earliest leaders knew that the American economy was a three-legged stool that relied on commerce, manufacturing, and agriculture.[2] My hands-on experiences showed me that behind every grain future traded, there is a farmer or a miller on one side of the contract and a bank or liquidity provider on the other side of the contract. The value chain includes everything from financing, labor, growing, processing, packaging, shipping, merchandising, and more, all eventually to food on a plate enjoyed by a family sitting around the dinner table. Our CFTC markets are not theoretical or academic exercises—a huge part of our markets are things that you can feel and touch and eat at the end of the day.

Now, I’m back at the CFTC as a Commissioner, and I carry these experiences with me every day. I understand that the grain industry is not just about prices, but also about people and communities and nourishment. It’s about the hardworking men and women across the country who rise before dawn to tend their fields. It’s about the millers who turn these grains into the foods that feed our entire country, many other countries, and livestock and pets. And it’s about the market participants in our grain futures markets who manage risk and depend upon the CFTC ensuring that our markets function effectively.

I’m on the job, and I want you all to know that I am working hard to support the health and vitality of the grain futures markets. From my international listening tour last year, particularly learning about trade and exports, I’ve heard about the challenges you face from geopolitical issues to unpredictable weather patterns to shifting global demands and sustainability, and I encourage you to reach out about others. I want to keep hearing about the issues you care about and any challenges in our grain futures markets. I’ll try to explain now what we’ve done so far and where I hope we can all end up.

The grain industry has an outsized role in ensuring our nation’s food security, our economic stability, and our collective well-being. No matter what headlines are in the news, it’s incredibly grounding to never forget that the derivatives markets have their origins in the grain markets and the agricultural community.

Birthplace of a U.S. Grain Market and a Regulator

The history of the U.S. grain markets is an interesting one with equal parts innovation and perseverance. A dynamic timeline that stretches back to the early 19^th century, the grain markets have played a significant role in shaping the country’s economic and agricultural landscape.

The first organized grain market in the United States originated with the establishment of the Chicago Board of Trade (CBOT) in 1848.[3] The CBOT initially served as a centralized marketplace for cash transactions involving grains like wheat, oats, and corn. It wasn’t until 1865 that the CBOT introduced the first standardized futures contracts for grain, which allowed for the purchase and sale of these commodities for future delivery and the benefits of price discovery and hedging.[4] These contracts provided a hedge against price fluctuations and helped stabilize the market. They also marked the beginning of the modern commodity futures markets, with wheat being the first commodity to be traded in this manner in the United States.

But the development of the grain futures markets in Chicago was no accident. It was the result of several economic factors, including Chicago’s location near the Great Lakes, the arrival and expansion of railroads, the CBOT’s introduction of standardized grain grades and the use of grain elevators to facilitate trading and the need for risk management by farmers in and around the Midwest who often faced price uncertainties due to weather, transport issues, and fluctuating demand.[5] The creation of the grain futures markets revolutionized the agricultural sector, providing a vital risk management and price discovery mechanism for the grain industry that continues to this day, and laying the groundwork for our current grain derivatives markets.

Between the late 1840’s and early 1920’s, grain futures trading was largely unregulated, and a patchwork of state laws proved inadequate for this booming market. The Grain Futures Act of 1922 was a pivotal piece of legislation established in the United States to regulate the grain futures markets.[6] Prior to its passage, the lack of federal oversight opened the door for manipulation in our grain markets along with excessive speculation, leading to price volatility that hurt grain market participants throughout the supply chain.[7]

The market collapse of 1929 and the subsequent Great Depression brought significant challenges to the grain markets, however, both had a profound effect on all American industries, including grain. The Commodity Exchange Act of 1936, a cornerstone in the regulatory framework that the CFTC oversees today, was in part response to the challenges of that era, replacing the Grain Futures Act and creating the Commodity Exchange Commission, the CFTC’s predecessor.[8]

In the post-war era, the U.S. wheat market took on an increasingly global role. Advances in shipping and communication technologies, coupled with the liberalization of international trade, led to the integration of the U.S. wheat market, in particular, with markets around the world. At the same time, the CBOT became a global hub for wheat futures trading. This market expanded rapidly, and soon it was setting the price for wheat worldwide.   

Modernizing Grain Markets through Technology

Fast forward to the latter half of the 20th century, we witnessed another revolution—the advent of technology. In our grain markets, new irrigation technologies allowed for better water management and increased productivity. We also developed GMOs to resist certain pests, diseases, and other harsh conditions and benefitted from improved trucking and shipping to facilitate more cost-effective grain transport.[9] On the derivatives side, no longer were trading floors the primary landscapes of our markets.

Instead, we stepped into an era of electronic trading, where markets became faster, more efficient, yet also more complex and susceptible to new kinds of risks. These technologies made the grain markets more efficient and facilitated greater global trading.

As we moved into the 21st century, the financial crisis of 2008 reminded us that while innovation may drive our markets forward, it can also expose vulnerabilities. The financial instruments that contributed to the crisis were complex, but the lessons were straightforward: transparency along with a principles-based approach to regulation is necessary.

The bedrock of our Nation is its agricultural industry. Today we are in the era of innovation and AgTech, as agribusinesses plan and strategize for the future—whether to implement blockchain technology to improve operations, or overhaul their infrastructure in anticipation of voluntary carbon markets.

There have been other challenges, too. There are the economic ripples that linger from the COVID-19 pandemic to the Russian invasion of Ukraine, both of which disrupted global supply chains and increased costs for agriculture. There are the relentless concerns posed by low water levels from devastating drought. But there has been one constant through all this: the resiliency of our U.S. grain markets.

Geopolitics and Grain Markets

The Russian invasion of Ukraine at the end of February 2022 sent shockwaves throughout the global agricultural markets, with cash wheat prices experiencing a significant surge.[10] As two of the world’s largest wheat exporters, Russia and Ukraine collectively account for approximately 30% of the global wheat export market.[11] Consequently, the conflict brought about substantial uncertainty around the future supply of wheat, causing an increase in cash prices.[12]

In the immediate aftermath of the invasion, wheat futures also experienced unprecedented volatility and soared to their highest level in over a decade.[13] This sudden increase reflected the market’s reaction to the potential disruption of wheat supply from the Black Sea region, which is a critical export hub for Russian and Ukrainian wheat.[14] The geopolitical turmoil also led to increased risk premiums, as market participants scrambled to secure contracts amidst the escalating uncertainty.[15]

The repercussions of the Russia-Ukraine conflict extended far beyond borders. Countries heavily dependent on wheat imports from these two nations have also been hit hard by the price spikes. The surging wheat prices exacerbated global food inflation, which was already at alarming levels due to the COVID-19 pandemic and other supply chain disruptions.[16]

The CFTC’s Response to Wheat Market Volatility

When the wheat futures markets experienced unprecedented volatility in response to the Russian Ukraine invasion, the CME and CFTC were engaged in on-going dialogues to ensure the stability of our grain futures markets. The CFTC closely monitored the situation. As a result of the conflict, conditions in wheat futures changed and the CFTC was aware that wheat futures contracts reached price limits—driven by market reaction to the conflict and fear of low inventory. However, once price limits are reached, trading in these contracts stops for the remainder of the day, preventing the markets from functioning as intended. In March 2022, the CFTC approved a temporary increase in daily price limits for CBOT futures on Wheat, Mini-Sized Wheat, KC HRW Wheat, and Mini-Sized KC HRW Wheat contracts following multiple limit-move days due to significant volatility caused by short supplies of high-protein wheat and the war in Ukraine.

Again in August 2022, the CFTC approved the CBOT’s wheat contract amendments on an expedited basis to expand price limits to increase when one contract within the first five non-spot contract months settles at the initial price limit rather than two contract months within the first five non-spot contract months to enable the markets to fulfill their price discovery and hedging functions. The CFTC continues to review and analyze our markets to safeguard their resilience and ensure their stable operations.

The Effect of Drought on Mississippi River and Panama Canal Levels

Beyond geopolitical issues, our grain industry is also dealing with weather-related challenges. We know that droughts can have profound impacts on agriculture and related economic sectors. One aspect that does not get enough attention is the effect of drought on the cost of shipping grains. As droughts alter waterway conditions and impede transportation, they disrupt global supply chains. This disruption can reverberate through futures markets on grains, as market participants adjust their expectations and strategies based on the projected grain availability.

In the U.S., our waterways span over 12,000 miles and include a multitude of tributaries, serving as the veins and arteries of America’s agricultural export system. They traverse 28 states and are navigation-critical for transporting various commodities.[17] Each year, more than 500 million tons of goods worth $130 billion are moved through these waterways, with 60% of America's grain exports dependent on them.[18]

The Mississippi River and Panama Canal, two major arteries of global grain trade, continue to experience record low levels due to drought.[19] The Mississippi River is not just one of the largest rivers in the world, stretching over 2,300 miles, but it is also an indispensable trade corridor for our grain industry. This river basin is uniquely situated between the Appalachian and Rocky Mountain ranges, and is responsible for 92% of the nation’s total agricultural exports, including 78% of the world’s exports in feed grains and soybeans.[20] Unfortunately, our current situation merits discussion. Record low water levels in the Mississippi River have caused economic ramifications, such as increased barge rates by 42% in 2023 and 85% over the last three years, effectively halving the amount of grain each can carry and slowing down barge traffic.[21] This has resulted in a tightening of the U.S. barge supply, necessitating twice as many barges to transport the same volume of goods.[22] With 78% of all U.S. grain exports passing through the Mississippi River, the impact is felt not only at home, but abroad as U.S. grain export prices become less competitive.[23]

But weather patterns are not confined to the U.S. A similar international weather-related logistical impact is happening at the Panama Canal, which is close to having the lowest water level on record, due to rainfall 50% less than normal this year.[24] The Panama Canal is usually the fastest and least expensive way to move commodities which leave the U.S. Gulf for Asia. As I’m sure you all know, the U.S. is the largest user of the Panama Canal. According to the numbers, total U.S. commodity export and import containers account for roughly 70% of Panama Canal traffic, with forty percent of all U.S. container traffic traveling through the Panama Canal every year, representing $270 billion dollars in U.S. cargo annually.[25] But just like in the Mississippi, drought conditions are causing weight limits and rising surcharges for vessels moving through the Panama Canal, which is resulting in rising shipping costs and prolonged wait times to ship.[26]

Amidst the recent challenges, milling companies have been focused on improving efficiency and process automation to combat rising costs due to weather, increased competition, and energy initiatives. As grain elevators, milling operators, and merchandisers might adjust their operations to offset the impacts of droughts, they may need to access our derivatives markets as a hedge against these challenging conditions. Some may increase their storage capacities to accommodate larger grain reserves, insulating them against potential supply disruptions. Others might diversify their sourcing, purchasing grains from regions less affected by drought.

These changes are a testament to the grain industry because it continues to show resilience by adapting to challenging conditions. What these challenges have shown is that the American grain industry is incredibly efficient and resilient. Our grain industry is a well-oiled machine. The interplay of geopolitics, climate, and economic variables creates a complex tapestry that influences and continues to influence our grain markets. As we navigate through these multifaceted dynamics, it is crucial to remain adaptive and vigilant, recognizing both the perennial and evolving conditions that shape our world.

The Importance of Derivatives Markets

The CFTC’s derivatives markets, which include futures and options on wheat, corn, and oats, play a pivotal role in the cash grain markets. Our markets provide sound risk management for market participants and price discovery to the broader markets, thus providing a level of predictability and stability to the cash grain markets.

Price discovery is a critical function of the CFTC’s derivatives markets. Through the trading of futures on agricultural commodities like wheat, corn, and oats, these markets reveal information about expected future prices. As a result, producers, consumers, and traders can make informed decisions about production, consumption, and investment activities.

Hedging is another crucial function of the CFTC's derivatives markets. Producers and consumers of grains can use futures contracts to protect themselves from adverse price movements. The derivatives markets’ price discovery and hedging functions have profound implications for cash grain markets. They reduce price uncertainty and facilitate long-term planning.

The cash and derivatives markets are interdependent. As we’ve recently experienced, changes in the cash grain market can influence futures prices of grain contracts, and vice versa. This interdependence means that the CFTC’s grain derivatives markets are constantly reflecting and shaping the realities of the cash grain markets. And that’s why the role of the CFTC in overseeing these markets is paramount. The CFTC ensures the integrity, resiliency, and vibrancy of the U.S. derivatives markets, protecting market participants and promoting fair competition. Without the CFTC’s regulatory oversight, the derivatives markets might be susceptible to excessive speculation and manipulation, which could distort price discovery and undermine the effectiveness of hedging in our grain contracts.

Transparency and trust are fundamental to the functioning of the CFTC’s derivatives markets. Market participants need to trust that the futures prices accurately reflect expected future cash prices and that they can effectively hedge their risks. The CFTC’s commitment to transparency and accountability helps to maintain this trust and ensure the smooth functioning of our grain markets.

The Global Economy and the Road Ahead

When I began my term as Commissioner in April 2022, the grain markets were in the process of adapting to the volatility they faced in response to the Russian invasion of Ukraine. At that time, I decided that I wanted my tenure as Commissioner to focus on actionable solutions to real issues faced by market participants in our markets.

I decided early on that I wanted my core values that I stand for as a Commissioner to be growth, progress, and access to markets.

By tradition, each Commissioner sponsors an advisory committee that oftentimes explores what the sponsoring Commissioner views as key priorities for our markets. I am proud to sponsor the CFTC’s Global Markets Advisory Committee, or GMAC. The big picture is that the GMAC promotes a level playing field for global business and global markets. Under my sponsorship, the GMAC has focused on firms, global business strategy and operations, and the markets that are needed to support growth and effective risk management. It is an international forum for executive leaders from both the public and private sectors to come together and create a shared vision for the future of markets. We need global solutions to global challenges.

As described in its charter, the GMAC was created to advise the CFTC on issues that affect the integrity and competitiveness of U.S. markets and U.S. firms engaged in global business, including the regulatory challenges of a global marketplace that reflects the increasing interconnectedness of markets, and the multinational nature of business. The GMAC also makes recommendations regarding international standards for regulating futures, swaps, options, and derivatives markets, as well as intermediaries. Members include financial market infrastructures, swap data repositories, intermediaries including swap dealers and FCMs, market participants, end users, service providers, and regulators.

The GMAC had its inaugural meeting in Washington, D.C., on February 13^th this year. It was an important meeting because we heard from end users about market fundamentals, among other issues.

We heard from one GMAC member about the transition to affordable, secure, and low carbon energy and that by 2050, it can be expected that their shipping and trading business will be less carbon intensive. Another GMAC member discussed domestic logistic situations in our agricultural markets and the current reliability problem. The GMAC member highlighted several market risks and implications of supply chain issues, including that they create shortages of supply, basis levels are impacted, there is an increase in costs, long lead times are needed, there is a loss of sales, there are increased counterparty risks, and that geopolitical disruptions exacerbate supply chain problems. Another GMAC member spoke about how recent geopolitical issues have impacted commodity markets and the global food crisis. In addition, we also heard from GMAC members about global commodity market volatility, noting that while energy prices remain elevated this year, volatility has retreated.

At the beginning of my term, I said that my approach is to get all the information, learn as much as possible, and then come up with pragmatic solutions. And that’s what I’ve done. Over the past year and a half, I went on a global stock-taking exercise. Throughout my travels, I was fortunate enough to travel all over the country to meet with our market participants and end users. I’ve also been fortunate enough to visit over a dozen countries, and speak with finance ministers, policymakers, and leaders in each country. As a result of my global stock-taking initiative, earlier this year I announced the GMAC’s proposed work program. This proposal is a key milestone for the GMAC and the result of my global stock-taking exercise over the past year and a half concerning the markets, including public comments and international policy dialogues.

Therefore, earlier this year I proposed for the GMAC’s 2023-2025 work program that the Global Market Structure Subcommittee examine proposals and recommendation for market volatility controls and circuit breakers, and I look forward to seeing the work of this Subcommittee in this critical area. The GMAC work program is now underway and serves as a platform for global market participants, regulators, and other stakeholders to come together and address the challenges and opportunities presented in our markets.

I am proud to announce that we have an upcoming GMAC meeting on November 6^th in Washington, D.C. At that meeting, the Global Market Structure Subcommittee will discuss the work that they are doing and I hope you will all stay tuned for actionable recommendations by the GMAC regarding our derivatives markets that will be made to the Commission in the months ahead.

Other CFTC Initiatives—Climate Risk and Carbon Markets

The CFTC has a climate risk unit, and over the past year or so has held two voluntary carbon market convenings to make greater progress through public-private partnerships towards ensuring that the developing carbon and carbon related products and markets have integrity and adhere to basic market regulatory requirements.

As our CFTC Chairman has described, the CFTC has received comments from over 80 stakeholders, expressing views from the halls of Congress to farmers, ranchers, and others along the traditional agricultural value and supply change that serve as our historical core constituency, as well as traditional financial market participants. We received comments from forestry experts, environmental public interest groups, energy traders, carbon credit rating agencies, carbon credit registries, CFTC-registered exchanges and clearinghouses, and derivatives trade associations.

The two takeaways are that the CFTC should use its anti-fraud and anti-manipulation enforcement authority to the fullest extent possible, and that the CFTC should support the development of standards to promote the growth of high integrity carbon offsets. The CFTC has launched initiatives towards these goals.

I believe in market-driven solutions. I look forward to hearing from you and other stakeholders on what you think the CFTC’s role should be and what issues to tackle in carbon markets.

Conclusion

As regulators, we have a responsibility to adapt and evolve alongside the markets we oversee. In the case of our agricultural markets, in particular our grain markets, this means understanding and responding to the changes affecting our markets. In seeking solutions, we must engage in measured, thoughtful action that balances the need for market stability with the potential for innovation to ensure our market participants are able to use our markets. We must also maintain the core principles of transparency, integrity, and customer protection that underpin our financial markets.

Our efforts must be informed by a thorough understanding of our market’s structure and operations. This requires data, analysis, and the expertise that is unique to the CFTC in regulating the derivatives markets.

I wish to emphasize the critical importance of collaboration between market participants and the CFTC in understanding our markets. Our respective expertise complements each other, and collaboration is essential to ensuring a comprehensive and effective oversight. It is only through our combined efforts that we can hope to achieve a well-regulated and secure grain derivatives markets that continues to serve the needs of our millers and farmers and in turn their standings within the greater global agricultural markets.

As we look ahead, I am optimistic. Grain millers have continually innovated, adapted, and flourished, even in the most challenging of times. Whether it’s new milling technologies or more efficient supply chain logistics, your contributions ensure the well-being and sustenance of this great nation, our neighbors to the North, and many other countries. And with organizations like NAMA leading the charge, I have no doubt the future is bright.

In closing, I want to reiterate the critical role each of you plays in making America’s agricultural sector, which is the envy of the world. Thank you, and let’s continue to sow the seeds of success.

[2] “History,” U.S. Senate Committee on Agriculture, Nutrition, & Forestry, https://www.agriculture.senate.gov/about/history.

[3] See History of the CFTC, US Futures Trading and Regulation Before the Creation of the CFTC, U.S. Commodity Futures Trading Commission, available at https://www.cftc.gov/About/HistoryoftheCFTC/history_precftc.html
#:~:text=April%203%2C%201848%20%E2%80%93%20The%20Chicago,a%20means%20of%20trading%20grain.

[4] Id. and Timeline of CME Achievements, CME Group, available at https://www.cmegroup.com/company/history/timeline-of-achievements.html.

[5] See Made in Chicago, American Experience PBS, available at https://www.pbs.org/wgbh/americanexperience/features/chicago-made/.

[6] Grain Futures Act, Pub. L. No. 67-331, 49 Stat. 1491 (1922).                                                                

[7] See, e.g., S. Rep. No. 212, 67th Cong., 1st Sess. 4-5 (1921).

[8] Commodity Exchange Act, Pub. L. No. 74-675, 49 Stat. 1491 (1936).

[9] See Science and History of GMOs and Other Food Modification Processes, U.S. Food and Drug Administration, available at https://www.fda.gov/food/agricultural-biotechnology/science-and-history-gmos-and-other-food-modification-processes.

[10] See How War in Ukraine Is Reverberating Across World’s Regions, Alfred Kammer et al., IMF Blog (Mar. 15, 2022), available at https://www.imf.org/en/Blogs/Articles/2022/03/15/blog-how-war-in-ukraine-is-reverberating-across-worlds-regions-031522 and Wheat futures prices and the war on regulation, Dr. Steve Suppan, Institute for Agriculture and Trade Policy (Mar. 16, 2022), available at https://www.iatp.org/wheat-futures-prices-and-war-regulation.

[11] See Analysis: Russia-Ukraine conflict highlights wheat supply vulnerability, Gus Trompiz and Nigel Hunt, Reuters (Mar. 3, 2022), available at https://www.reuters.com/business/russia-ukraine-conflict-highlights-wheat-supply-vulnerability-2022-03-03/.

[12] See Wheat Prices Surge Amid Russia’s Invasion Of Ukraine—Here’s What That Means For U.S. Food Costs, Sergei Klebnikov, Forbes (Mar. 3, 2022), available at https://www.forbes.com/sites/sergeiklebnikov/2022/03/03/wheat-prices-surge-amid-russias-invasion-of-ukraine-heres-what-that-means-for-us-food-costs/?sh=5ba1048610d6.

[13] See Three Factors Underpinning 2022 Grain Volatility, Emily Balsamo, Open Markets (Nov. 30, 2022), available at https://www.cmegroup.com/openmarkets/agriculture/2022/three-factors-underpinning-2022-grain-volatility.html and Wheat prices soar to highest since 2008 on potential Russia supply hit, Hannah Miao, CNBC (Mar. 1, 2022, updated Mar. 4, 2022), available at https://www.cnbc.com/2022/03/01/wheat-futures-reach-highest-levels-since-2008-as-russia-invasion-advances.html.

[14] Id.

[15] See War builds risk premium in wheat prices, Matt Noltemeyer, Food Business News (Mar. 24, 2022), available at https://www.foodbusinessnews.net/articles/20984-war-builds-risk-premium-in-wheat-prices.

[16] See The war in Ukraine is fuelling a global food crisis., Dea Bankova, Prasanta Kumar Dutta and Michael Ovaska, Reuters(May 30, 2022), available at, https://www.reuters.com/graphics/UKRAINE-CRISIS/FOOD/zjvqkgomjvx/ and The Ukraine Conflict and Other Factors Contributing to High Commodity Prices and Food Insecurity, International Agricultural Trade Report, Foreign Agricultural Service, U.S. Department of Agriculture (Apr. 6, 2022), available at https://www.fas.usda.gov/data/ukraine-conflict-and-other-factors-contributing-high-commodity-prices-and-food-insecurity.

[17] See Waterways Systems, available at https://www.waterwayscouncil.org/waterways-system.

[18] See How The Gatekeepers Of 500 Million Tons Of Cargo Power Through The Pandemic Katie Jennings, FORBES (Sept. 20, 2020), available at https://www.forbes.com/sites/katiejennings/2020/09/30/how-the-gatekeepers-of-500-million-tons-of-cargo-power-through-the-pandemic/?sh=778d4c24005e.

[19] See Low water levels along Mississippi River again present an opportunity for railroads, says analyst, James Rogers, DOW Jones Market Watch (Sept. 9, 2023), available at https://www.marketwatch.com/story/low-water-levels-along-mississippi-river-again-present-an-opportunity-for-railroads-says-analyst-42715d56.

[20] See Mississippi River Facts, National Park Service, available at https://www.nps.gov/miss/riverfacts.htm.

[21] See Freight Rates Surge as Mississippi River Water Levels Drop, Tarso Veloso Riberio, Bloomberg (Aug. 31, 2023), available at https://www.bloomberg.com/news/articles/2023-08-31/freight-rates-soar-as-mississippi-river-water-levels-decline#xj4y7vzkg.

[22] Id.

[23] See Barges stranded as Mississippi River water levels reach critical low, Maya Yang, The Guardian, (Oct. 14, 2022), available at https://www.theguardian.com/us-news/2022/oct/14/mississippi-river-boats-barges-water-levels.

[24] See Focus: Historic drought, hot seas slow Panama Canal shipping, Lisa Baertlein and Marianna Parraga, Reuters (Aug. 21, 2023), available at https://www.reuters.com/business/environment/historic-drought-hot-seas-slow-panama-canal-shipping-2023-08-21/.

[25] See U.S. trade dominates Panama Canal traffic. New restrictions due to ‘severe’ drought are threatening the future of the shipping route, Lori Ann LaRocco, CNBC (June 24, 2023), available at https://www.cnbc.com/2023/06/24/us-trade-dominates-panama-canal-traffic-a-drought-is-threatening-it.html#:~:text=The%20U.S.%20is%20the%20largest,%24270%20billion%20in%20cargo%20annually.

[26] Id.