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The chief economist of the National Grain and Feed Association says Suez Canal traffic is diverting toward safer routes, adding time and cost. Grain flows are shifting toward Pacific Northwest exports, which he notes have limited capacity, while lower Panama Canal water levels also raise costs.
Gulf-origin grain now faces higher freight, pushing more volume to the Pacific Northwest and tightening capacity there, which raises export freight costs and can widen basis differences across US regions.
brownfieldagnews.comNicole HeslipJan 31, 2024After 284 past neutral logistics events, Corn moved a median -0.0% over 5 sessions (49% higher; middle half -1.3% to +1.4%), and -0.2% over 20.
After 230 past neutral logistics events, Soybeans moved a median +0.4% over 5 sessions (55% higher; middle half -1.4% to +2.0%), and +0.1% over 20.
Not enough comparable past events yet for a historical read.
After 18 past bearish logistics events, ULSD / Diesel moved a median +0.6% over 5 sessions (56% higher; middle half -1.5% to +3.3%), and -0.2% over 20.
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.
