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Russia has increasingly had to source its own freight for wheat exports, relying on a shadow fleet of older vessels run mainly by companies in Turkey and China. Exports remain strong despite the shipping strain.
Higher reliance on older, costlier vessels raises Russian grain freight costs and insurance risk, which can lift ocean freight rates and delivered wheat prices.
reuters.comJonathan Saul, Nigel HuntAug 8, 2023Not enough comparable past events yet for a historical read.
After 283 past bullish logistics events, WHEAT moved a median -0.2% over 5 sessions (46% higher; middle half -1.4% to +1.3%), and -0.1% over 20.
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.
