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Freight rates for grain shipped by coastal and handysize vessels from Danube ports and Odessa declined in the week to April 18. Corn rates from Reni and Izmail to Italy fell by $3 per tonne to $30-31, and Panamax rates from Odessa to China dropped by $4 to $54-56 per tonne.
Lower Black Sea freight reduces landed costs for Ukrainian corn and wheat into Mediterranean and Asian markets, supporting export competitiveness and slightly bearish pressure on FOB origin prices.
interfax.comApr 23, 2024After 359 past bearish logistics events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -1.5% to +1.5%), and -0.5% over 20.
After 137 past bearish logistics events, Wheat (SRW) moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.0%), and +0.0% 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.
