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Houthi attacks have kept the Red Sea and Suez Canal partly closed, and Panama Canal drought restrictions have cut bulk capacity. An MSI analyst estimates Red Sea restrictions have raised dry bulk freight rates by 40% to 50%.
Higher ocean freight raises the delivered cost of US grain to Asia and shifts sales toward Brazil, supporting Brazilian export prices and US Gulf competitiveness losses.
world-grain.comMichael KingJun 13, 2024Not enough comparable past events yet for a historical read.
After 87 past bearish geopolitics events, Corn moved a median +0.1% over 5 sessions (51% higher; middle half -1.5% to +2.1%), and +0.3% over 20.
After 53 past bearish geopolitics events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -1.9% to +1.2%), and +1.0% 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.
