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The Panama Canal is struggling to win back LNG and grain traders after a historic drought forced it to cap crossings last July. Only 13 LNG ships crossed in July, fewer than half the July 2022 count, and dry bulk transits fell 35% to 129.
Canal officials expect near-capacity operations by September.
Longer routes around the Cape raise freight costs and reduce competitiveness of US Gulf grain and LNG shipments to Asia, which can weigh on US export basis and support freight rates.
ft.comChristine Murray in Mexico City, Oliver Telling, Shotaro Tani in LondonAug 14, 2024Not enough comparable past events yet for a historical read.
After 359 past bearish logistics events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -1.5% to +1.5%), and -0.5% over 20.
After 297 past bearish logistics events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.5% to +1.8%), and +0.7% 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.
