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The U.S. Grains Council's weekly wrap reports Houthi attacks on Red Sea shipping were quiet, though US and British forces intercepted missiles and drones. Ship operators continue to route around the Cape of Good Hope, adding sailing days and fuel costs.
Panama's Gatun Lake levels were steady to slightly higher, with the rainy season expected to begin.
Extended Cape routings absorb vessel capacity and raise shipping costs, which keeps ocean freight elevated for grain and meal exports from the US to Asia and Europe.
grains.orgMay 9, 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.
