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A CSIS commentary says more than 80% of global staple crop and oilseed trade depends on a few maritime routes. It notes that Red Sea attacks since November 2023 have diverted Black Sea and European food exports from the Suez Canal onto longer, costlier routes.
Longer voyages and higher insurance costs raise ocean freight rates and delivered grain costs, which tends to support prices in importing regions.
csis.orgThibault Denamiel, Emma Curtis, Joseph Glauber, William Alan Reinsch, Caitlin WelshJun 10, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
