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Roughly 60% of shipping traffic is avoiding the Red Sea and Suez Canal in favour of the Cape of Good Hope route, a diversion expected to last into the second half of the year. Container spot rates are rising earlier than usual ahead of the peak season.
Congestion and demand recovery add to pressure on trade flows.
Longer routing and higher freight costs increase delivered prices for imported feed ingredients and can shift trade flows for grain and oilseeds.
worldports.orgAug 6, 2024Not 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.
