# Market Perspectives – May 9, 2024

> 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.

- Date: 2024-05-09 · published 2024-05-09T12:00:00.000Z
- Category: logistics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/17029-market-perspectives-may-9-2024
- Commodities: [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md)

## Why it matters

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.

## Read by commodity

- OCEANFRT: bullish ▲

## Sources

- grains.org: https://grains.org/market_perspectives/market-perspectives-may-9-2024/6/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.