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Why Millers Prefer to Hedge at the Kcbot and Grain Elevator Operators at the Cbot
Why millers prefer to hedge at the KCBoT and grain elevator operators at the CBoT Sören Prehn1, Jan-Henning Feil2 1 Leibniz Institute of Agricultural Development in Transition Economies (IAMO), Halle, [email protected] 2 Georg August University Goettingen, Goettingen, [email protected] Contribution presented at the XV EAAE Congress, “Towards Sustainable Agri-food Systems: Balancing Between Markets and Society” August 29th – September 1st, 2017 Parma, Italy Copyright 2017 by Sören Prehn and Jan-Henning Feil. All rights reserved. Readers may make verbatim copies of this document for non-commercial purposes by any means, provided that this copyright notice appears on all such copies. Why millers prefer to hedge at the KCBoT and grain elevator operators at the CBoT Abstract In this paper, we analyze why grain elevator operators tend to hedge hard red winter wheat at the CBoT and not at the KCBoT. They do so because they trade not only the basis but also the premium risk. Like the basis, also premiums of hard red winter wheat have a tendency to increase after harvest. Only a short hedge in the lower priced CBoT wheat contract makes it possible to participate in a post-harvest premium increase. For this reason, grain elevator operators favor a loose hedge at the CBoT. Our results underscore the importance of premium risk for hedging decisions. Keywords: Wheat, hedging, millers, grain elevator operators, Kansas City Board of Trade, Chicago Board of Trade 1 Introduction In his seminal paper “Whose Markets? Evidence on Some Aspects of Futures Trading” (Journal of Marketing, Vol. -
Grain Elevators and Processes
9.9.1 Grain Elevators And Processes 9.9.1.1 Process Description1-14 Grain elevators are facilities at which grains are received, stored, and then distributed for direct use, process manufacturing, or export. They can be classified as either "country" or "terminal" elevators, with terminal elevators further categorized as inland or export types. Operations other than storage, such as cleaning, drying, and blending, often are performed at elevators. The principal grains and oilseeds handled include wheat, corn, oats, rice, soybeans, and sorghum. Country elevators are generally smaller elevators that receive grain by truck directly from farms during the harvest season. These elevators sometimes clean or dry grain before it is transported to terminal elevators or processors. Terminal elevators dry, clean, blend, and store grain before shipment to other terminals or processors, or for export. These elevators may receive grain by truck, rail, or barge, and generally have greater grain handling and storage capacities than do country elevators. Export elevators are terminal elevators that load grain primarily onto ships for export. Regardless of whether the elevator is a country or terminal, there are two basic types of elevator design: traditional and modern. Traditional grain elevators are typically designed so the majority of the grain handling equipment (e.g., conveyors, legs, scales, cleaners) are located inside a building or structure, normally referred to as a headhouse. The traditional elevator often employs belt conveyors with a movable tripper to transfer the grain to storage in concrete or steel silos. The belt and tripper combination is located above the silos in an enclosed structure called the gallery or bin deck. -
Grain Facilities in the U.S. Specializing in Originating Grain for Export and Soybean Processing Plants
RESEARCH CIRCULAR 241 SEPTEMBER 1978 Grain Facilities in the U.S. Specializing in Originating Grain for Export and Soybean Processing Plants JOHN W. SHARP OHIO AGRICULTURAL RESEARCH AND DEVELOPMENT CENTER U.S. 250 and Ohio 83 South Wooster, Ohio CONTENTS * * * * Acknowledgments . .. .. • . .. • . • . • . • . .. • . 1 Introduction ................................................................ _. 2 Po rt Fa c i 1it i es in the U.S. • •.•..•..........•......•..•.•..•.....•...•·. • 3 Mississippi River Barge Loading Facilities . • • . • . • • . • • . • . • . • • . • • 6 Missouri River Barge Loading Facilities ........•.•.•......•...•.•.....•..•..••. 12 Ohio River Barge Loading Facilities .....•.•....•...•............•.........•••.. 13 Illinois River Barge Loading Facilities ........................................ 14 Arkansas River Barge Loading Facilities •..••...•..•..•..•.•.....•.•••.•.•..••.• 16 White River Barge Loading Facilities ..•........••••••..••.•...•.•.•..••.•...... 16 Black River Barge Loading Facilities ...•.•...•.••••..•••••....•....•••••...•••. 17 Yazoo River Barge Loading Facilities ..•.•••..•.•.•.•...•..•...•.....•••........ 17 Quachita River Barge Loading Facilities •.•.••..•.•••.•.••••...•••..•.....•.•••. 17 Snake and Columbia Rivers Barge Loading Facilities .•••.••••••.•......••...••.•. 18 Unit Train Facilities in Ohio •...••••.........•••••.•.•••.•....•.........•.••.. 20 Unit Train Facilities in Indiana .•.•.......•..••..•.•••...•..•........•.••.••.. 21 Unit Train Facilities in Kentucky ............................................. -
Reconsidering Concrete Atlantis: Buffalo Grain Elevators
Reconsidering Concrete Atlantis: Buffalo Grain Elevators Lynda H. Schneekloth, Editor ISBN: Copyright 2006 The Urban Design Project School of Architecture and Planning University at Buffalo, State University of New York Cover Graphic: Elevator Alley, Buffalo River (Photo by Lynda H. Schneekloth) Reconsidering Concrete Atlantis: Buffalo Grain Elevators Lynda H. Schneekloth, Editor The Urban Design Project School of Architecture and Planning University at Buffalo, State University of New York The Landmark Society of the Niagara Frontier Buffalo, New York 2006 CREDITS The Grain Elevator Project was initiated in 2001 by the Urban Design Project, School of Architecture and Planning, University at Buffalo, SUNY, in collaboration with the Landmark Society of the Niagara Frontier. It was funded in part by the National Endowment for the Arts through the Urban Design Project, and by the New York State Council on the Arts/Preservation League through the Landmark Society of the Niagara Frontier. The Project was managed by Lynda H. Schneekloth from the Urban Design Project, and Jessie Schnell and Thomas Yots of the Landmark Society. Members of the Advisory Committee included: Henry Baxter, Joan Bozer, Clinton Brown, Peter Cammarata, Frank Fantauzzi, Michael Frisch, Chris Gallant, Charles Hendler, David Granville, Arlette Klaric, Francis Kowsky, Richard Lippes, William Steiner, Robert Skerker, and Hadas Steiner. We would like to especially thank Claire Ross, Program Analyst from the NYS Office of Parks, Recreation and Historic Preservation for her assistance. Thanks also to all of those who, through the years, have worked to protect and preserve the grain elevators, including Reyner Banham, Susan McCarthy, Tim Tielman, Lorraine Pierro, Jerry Malloy, Timothy Leary, and Elizabeth Sholes. -
The Architecture of Grain Elevators
Economic History Theme Study A HISTORY OF GRAIN ELEVATORS IN MANITOBA PART 2: THE ARCHITECTURE OF GRAIN ELEVATORS THE ARCHITECTURE OF GRAIN ELEVATORS The first commercial grain elevator in Western Canada, built along a railway siding, was constructed in 1878 in Niverville, Manitoba. It was an unusual 25,000 bushel round structure constructed to store and ship the surplus grain produced by German- speaking Mennonite settlers who had arrived in Southern Manitoba from Russia a mere four years earlier. This structure, however, was to be the only one of its kind. During the later half of the nineteenth century, in Western Canada, as in the United States, grain was stored in flat warehouses because it was invariably handled and brought to market in bags. Before long, these warehouses were divided into bins into which the sacked grain was dumped after weighing. Such warehouses were typically 8 x 20 x 40 feet, and held approximately 4,000 bushels of grain. Bins were arranged on opposite sides of a central alley which provided access for handcarts on which grain was trundled from wagons, and later, on to boxcars. The system was later improved by constructing raised overhead bins into which grain could be mechanically loaded, and then spouted by gravity into waiting boxcars. Only one such early flat warehouse remains in Manitoba, and is located in Brookdale. Classic prairie grain elevators, of the type which western Canadians are most familiar, were first built during the early 1880s. They generally were built according to standards set by the Canadian Pacific Railway. Such “Standard-plan” elevators offered much greater efficiency in built grain handling and larger storage capacities. -
Dynamic Changes in Rail Shipping Mechanisms for Grain
Agribusiness and Applied Economics Report No. 798 June 2020 Dynamic Changes in Rail Shipping Mechanisms for Grain Dr. William W Wilson Department of Agribusiness & Applied Economics Agricultural Experiment Station North Dakota State University Fargo, ND 58108-6050 ACKNOWLEDGEMENTS NDSU does not discriminate in its programs and activities on the basis of age, color, gender expression/identity, genetic information, marital status, national origin, participation in lawful off-campus activity, physical or mental disability, pregnancy, public assistance status, race, religion, sex, sexual orientation, spousal relationship to current employee, or veteran status, as applicable. Direct inquiries to Vice Provost for Title IX/ADA Coordinator, Old Main 201, NDSU Main Campus, 7901-231-7708, ndsu.eoaa.ndsu.edu. This publication will be made available in alternative formats for people with disabilities upon request, 701-231-7881. NDSU is an equal opportunity institution. Copyright ©2020 by William W. Wilson. All rights reserved. Readers may make verbatim copies of this document for non-commercial purposes by any means, provided this copyright notice appears on all such copies. ABSTRACT Grain shipping involves many sources of risk and uncertainty. In response to these dynamic challenges faced by shippers, railroad carriers offer various types of forward contracting and allocation instruments. An important feature of the U.S. grain marketing system is that there are now a number of pricing and allocation mechanisms used by most rail carriers. These have evolved since the late 1980’s and have had important changes in their features over time. The operations and impact of these mechanisms are not well understood, yet are frequently the subject of public criticism and studies and at the same time are revered by (some) market participants. -
Experiment in Concrete; a Pioneer Venture in Grain Storage
TUBULAR concrete grain elevator built in Minneapolis, 1899 EXPERIMENT in CONCRETE A Pioneer Venture in GRAIN STORAGE RUTH J. HEFFELFINGER UPON LEAVING Minneapohs via Lake though it now seems to have no purpose Street and proceeding along Highway No. other than to advertise the lumber sold near 7 in the direction of Excelsior, one passes a by. Certainly no one would associate it with large white structure on the left just west of the pretentious structure across the bridge, the bridge that spans the Belt Line. It is yet if it had not been for that single tube composed of a triple row of monoliths as of concrete, terminal grain elevators might classically symmetrical in outline as the col be built in a different, and perhaps less eflB umns of a Greek temple, although not as cient, way today. For apparently this was decorative. The Minneapolis structure is a the first tubular grain elevator of sohd con terminal elevator designed for the storage crete in the world. Although it was never of grain, and, like most modern terminal ele put to use, it was built as an experiment to vators, it is built of concrete. On the east side find out if it was practical to store grain in a of the bridge stands a single monolith with concrete bin of this shape. the words "Lumber Stores" running the Early in 1899, Frank H. Peavey and length of the tube. It looks as though it might Charles F. Haglin talked over the possibility once have been the chimney of a factory, of storing grain in bins constructed of mate rial other than wood. -
2017 Port of Milwaukee Annual Report
ANNUAL REPORT The Federal Yukina arrives in Port Milwaukee in September carrying Fednav FALLine cargo from Europe. 2323 S. Lincoln Memorial Drive • Milwaukee, Wisconsin 53207 Ph: (414) 286-3511 • Fx: (414) 286-8506 • www.milwaukee.gov/port A Message From The Mayor: work to restore one of the last remaining wetlands in the Milwaukee estuary; it Port Milwaukee serves our city and our helped rebuild Port infrastructure at the region by promoting liquid cargo pier and along its rail lines; the commerce. Sometimes Port’s newest crawler crane made its first the Port is the nexus cargo lift; and Port Milwaukee introduced a between a manufacturer new logo that reflects its forward-looking and its customer; other approach. times the Port is the most efficient channel Led by significant growth in the quantity of for raw materials; and, cement, limestone and salt, the total amount consistently, the Port’s infrastructure of cargo transiting Port Milwaukee rose adds value to the economy and indirectly in 2017. Along with the more traditional increases private sector employment. cargo, the Port handled some more unusual items including beer tanks and a historic The volume of cargo moving through Port locomotive. And, hundreds of overseas Milwaukee remained strong in 2017, a passengers arrived at Port Milwaukee reflection of both local business activity and aboard the cruise ship Hamburg. the world economy. Activity at the Port in 2017 also showed how interrelated world For more than 180 years, Milwaukee has trade can be as some of the same ships been a commercial port, and, for almost a that brought in European-made steel to our century, the Board of Harbor Commissioners, region returned to Europe with Wisconsin- along with the talented staff at Port grown grain. -
SLSMC 2020 Annual Corporate Summary
A RESILIENT Seaway ANNUAL CORPORATE SUMMARY 2019–2020 As high water levels and flows broke records during 2019, the Seaway adapted, allowing ships to continue delivering essential cargoes safely and reliably. The front cover photo (courtesy of Fednav) depicts activity at the Port of Johnstown during the 2019 navigation season. High water levels on Lake Ontario and the St. Lawrence River necessitated the International Joint Commission releasing record-breaking volumes of water via the Moses-Saunders dam in Cornwall, Ontario, to lessen the flooding of shoreline communities. Thanks to the efforts of Seaway employees, shipping companies, pilots, and a myriad of other stakeholders, commercial shipping activity was safely sustained through- out the season despite the high flows and currents. The St. Lawrence Seaway Management Corporation (the “Corporation”) The St. Lawrence Seaway Management Corporation, the successor to the St. Lawrence Seaway Authority, was established in 1998 as a not-for-profit corporation by the Government of Throughout the 2019 navigation season, the Seaway Canada, Seaway users and other key stakeholders. In accordance demonstrated its resilience under very difficult conditions as with provisions of the Canada Marine it continued to function as a safe and reliable transportation Act, the Corporation manages and artery serving a vast array of clients. From farmers eager to operates the Canadian assets of the realize the sale of their crops, to municipalities dependent St. Lawrence Seaway, which remain upon ships for the supply of road salt, to steel mills processing the property of the Government of Canada, under an agreement with millions of tonnes of iron ore, the Seaway overcame many Transport Canada. -
Making an Old-World Milwaukee: German Heritage, Nostalgia, and the Reshaping of the Twentieth Century City Joseph B
University of Wisconsin Milwaukee UWM Digital Commons Theses and Dissertations August 2017 Making an Old-world Milwaukee: German Heritage, Nostalgia, and the Reshaping of the Twentieth Century City Joseph B. Walzer University of Wisconsin-Milwaukee Follow this and additional works at: https://dc.uwm.edu/etd Part of the Ethnic Studies Commons, and the United States History Commons Recommended Citation Walzer, Joseph B., "Making an Old-world Milwaukee: German Heritage, Nostalgia, and the Reshaping of the Twentieth Century City" (2017). Theses and Dissertations. 1719. https://dc.uwm.edu/etd/1719 This Dissertation is brought to you for free and open access by UWM Digital Commons. It has been accepted for inclusion in Theses and Dissertations by an authorized administrator of UWM Digital Commons. For more information, please contact [email protected]. MAKING AN OLD-WORLD MILWAUKEE: GERMAN HERITAGE, NOSTALGIA AND THE RESHAPING OF THE TWENTIETH CENTURY CITY by Joseph B. Walzer A Dissertation Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy in History at The University of Wisconsin-Milwaukee August 2017 ABSTRACT MAKING AN OLD-WORLD MILWAUKEE: GERMAN HERITAGE, NOSTALGIA AND THE RESHAPING OF THE TWENTIETH CENTURY CITY by Joseph B. Walzer The University of Wisconsin-Milwaukee, 2017 Under the Supervision of Professor Rachel Buff This dissertation examines the importance of white ethnicity, and especially Germanness, in the “civic branding” and urban restructuring efforts of city officials, civic boosters, and business leaders in Milwaukee, Wisconsin in the mid-to-late twentieth century. Scholars have increasingly identified the significant roles the “revival” of European ethnic identities played in maintaining white racial privilege in response to the Civil Rights Movement since the 1960s. -
Marine Highway Projects Description
MARINE HIGHWAY PROJECTS DESCRIPTION American Samoa Inter-Island Waterways Services Applicant: Pago Pago, Port of ............................................................................................................................................................ 4 Baton Rouge – New Orleans Shuttle Service Applicant: New Orleans, Port of ........................................................................................................................................................ 5 Bridgeport to Jefferson Port Ferry Service Applicant: Connecticut Port Authority ............................................................................................................................................... 6 Cape May – Lewes Ferry Applicant: Delaware River and Bay Authority .................................................................................................................................... 7 Chambers County – Houston Container on Barge Expansion Service Applicant: Chambers County ............................................................................................................................................................. 8 Cross Gulf Container Expansion Project Applicant: Brownsville, Port and Manatee, Port ................................................................................................................................ 9 Cross Sound Ferry Enhancement Project Applicant: I-95 Corridor Coalition ................................................................................................................................................... -
Protecting Surf Breaks and Surfing Areas in California
Protecting Surf Breaks and Surfing Areas in California by Michael L. Blum Date: Approved: Dr. Michael K. Orbach, Adviser Masters project submitted in partial fulfillment of the requirements for the Master of Environmental Management degree in the Nicholas School of the Environment of Duke University May 2015 CONTENTS ACKNOWLEDGEMENTS ........................................................................................................... vi LIST OF FIGURES ...................................................................................................................... vii LIST OF TABLES ........................................................................................................................ vii LIST OF ACRONYMS ............................................................................................................... viii LIST OF DEFINITIONS ................................................................................................................ x EXECUTIVE SUMMARY ......................................................................................................... xiii 1. INTRODUCTION ...................................................................................................................... 1 2. STUDY APPROACH: A TOTAL ECOLOGY OF SURFING ................................................. 5 2.1 The Biophysical Ecology ...................................................................................................... 5 2.2 The Human Ecology ............................................................................................................