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Shipping analysts report that 16 more grain vessels diverted around the Cape of Good Hope, raising diverted grain volumes to about 3.9 million tons from 3 million tons the prior week. Houthi drone and missile attacks on ships in the Red Sea prompt caution, and bookings for new shipments are harder to secure.
Grain flows through Suez are expected to fall sharply in January.
Longer routings and tighter vessel availability raise ocean freight and delivered grain costs for importers, supporting prices for grain and feed ingredients sourced from the US and Black Sea.
waradana.comOct 8, 2024Not enough comparable past events yet for a historical read.
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.
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.
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.
