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Houthi attacks in the Red Sea have intensified, with the bulk carrier m/v Tutor sinking after an attack that killed one crew member. War risk premiums have risen to about 0.7 percent of ship value, and attacks totaled 10 in June versus five in May.
Higher war risk premiums, longer voyages and tighter vessel capacity raise ocean freight costs for grain and meal exports, supporting higher delivered prices for feed ingredients.
grains.orgJun 20, 2024Not enough comparable past events yet for a historical read.
After 323 past bullish geopolitics events, Corn moved a median +0.5% over 5 sessions (57% higher; middle half -1.5% to +2.9%), and +0.9% over 20.
After 72 past bullish geopolitics events, Soybeans moved a median +0.4% over 5 sessions (60% higher; middle half -1.0% to +2.5%), and -1.0% 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.
