A drought is drying up parts of the Mississippi River, a major export channel for corn and soybeans. Barges cannot haul farm goods at full capacity because of shrinking water levels, sparking a vessel shortage that has sent transport prices to record highs. It's another headache for the American farmer this harvest season.

Bloomberg reported the crucial US water artery for the Midwest economy is experiencing critically low levels at some points due to the lack of rain. Lower water levels mean barges reduce cargo loads to improve draft, so it takes more vessels to haul farm goods which have caused a vessel shortage on the waterway.

Barge rates this past week jumped to$49.88 per ton, the highest on record and up 50% from a year ago.

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