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Surging freight costs since early March, tied to the US-Iran war, have pushed the Santos to Qingdao dry grains rate above the Houston to Qingdao rate for the first time since October 2022. US Gulf corn FOB prices have stayed globally competitive, and US exports reached 66.5mn t through 5 March.
China has bought no US corn this marketing year.
A freight-driven shift in the origin spread could make US corn competitive into China again, supporting US corn export demand and prices if Chinese buyers engage. Higher freight also raises delivered costs for feed buyers.
argusmedia.comJoseph CrosbyMar 25, 2024After 285 past bullish logistics events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.5% to +1.5%), and +0.8% over 20.
Not 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.
