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The USDA Grain Transportation Report shows 2024 bulk ocean freight rates were volatile, with U.S. Gulf to Japan averaging $57.14 per mt, up 8% from 2023. Rates rose in early 2024 on Red Sea rerouting and Panama Canal restrictions, then eased in the third quarter as Chinese imports slowed and canal conditions improved.
The report projects modest fleet expansion for 2025 amid weak demand.
Higher freight costs widen the basis between U.S. origins and Asian buyers, which can cut the net farm-gate price for U.S. grain and oilseeds. A stable 2025 outlook with weak demand suggests limited upward pressure on freight.
feedandgrain.comFeed, Grain StaffFeb 3, 2025Not 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.
