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Reuters Breakingviews reports that after Iran-aligned Houthi militants launched missiles at ships bound for the Suez Canal, freight rates more than doubled from about $1,200 per trip in 2023 to a January peak. Shipping capacity has been constrained by rerouting around the Cape of Good Hope.
Sharply higher freight rates raise the landed cost of imported feed ingredients and grain, supporting prices for buyers who rely on seaborne supply.
reuters.comJun 24, 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.
