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UNCTAD says freight through the Suez Canal fell 45% following Houthi attacks. Panama Canal shipping in December was down 36% year-on-year because of drought-related low water levels.
Grain and oilseed flows were also cited among three disrupted global trade routes.
Sharply reduced Suez and Panama throughput lengthens routes and lifts ocean freight costs, raising the delivered cost of grains and oilseeds and supporting ocean freight rates.
reuters.comPhilip BlenkinsopJan 26, 2024Not enough comparable past events yet for a historical read.
After 48 past neutral logistics events, Soybean Meal moved a median +0.7% over 5 sessions (60% higher; middle half -1.0% to +2.5%), and +0.7% over 20.
After 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.
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.
