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The weekly ocean freight review notes that Baltic Dry Index fell 0.9% to 1,616, with Panamax and Supramax segments weaker and Capesize up 2.3%. U.S. Gulf to Japan grain freight dropped 1.9% to $48.56 per metric ton, and Pacific Northwest rates fell 1.3% to $25.18.
Vessel operators continue avoiding the Red Sea despite a lull in verified Houthi attacks.
Lower U.S. grain freight to Asia reduces the delivered cost of U.S. export grain, modestly supporting export competitiveness versus Black Sea and South American origins. Continued Cape routing keeps transit times and freight costs elevated.
grains.orgNov 21, 2024Not enough comparable past events yet for a historical read.
After 284 past neutral logistics events, Corn moved a median -0.0% over 5 sessions (49% higher; middle half -1.3% to +1.4%), and -0.2% over 20.
After 230 past neutral logistics events, Soybeans moved a median +0.4% over 5 sessions (55% higher; middle half -1.4% to +2.0%), 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.
