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The International Longshore Association and U.S. Maritime Alliance had no announced progress on their contract, which expires January 15, 2025, with automation of docks the key sticking point. Houthi attacks on Red Sea shipping paused that week, but carriers continued routing around the Cape of Good Hope.
The Baltic Dry Index fell to 1,106, its lowest since September 2023, driven by a 14% drop in the Baltic Capesize Index, while the Panamax route reversed higher.
A possible US port labor disruption before mid-January would raise shipping risk for grain exports, while the weakening dry bulk indices point to lower freight costs for buyers.
grains.orgDec 12, 2024grains.orgDec 12, 2024Not enough comparable past events yet for a historical read.
After 283 past bullish logistics events, Wheat (SRW) moved a median -0.2% over 5 sessions (46% higher; middle half -1.4% to +1.3%), and -0.1% over 20.
After 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.
