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A severe drought linked to El Niño has cut ship traffic through the Panama Canal, with the daily transit limit lowered to 22 ships in December from a normal 36. The Panama Canal Authority plans to raise transits to 24 in January, still well below normal.
Grain carriers are detouring via Suez or around southern Africa, and slot auctions cost $1.4 million to $2 million.
Delays and rerouting raise ocean freight costs for U.S. grain bound for Asia during peak export season, widening the basis gap versus other origins and pressuring U.S. export prices.
worldports.orgDec 30, 2023Not enough comparable past events yet for a historical read.
After 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 297 past bearish logistics events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.5% to +1.8%), and +0.7% 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.
