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Houthi attacks in the Red Sea and drought-related restrictions on the Panama Canal are forcing ships onto longer routes and pushing up grain freight costs. The IGC shipping cost index rose above 50 points from mid-2023 to 171 by January 2.
Higher ocean freight raises landed costs for grain and oilseed importers and narrows export margins for US and other exporters.
agri-pulse.comPhilip BrasherJan 31, 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.
