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Ocean freight rates for shipping US bulk grain from the Gulf and Pacific Northwest fell in the third quarter versus both the prior quarter and a year earlier, according to the USDA's Oct. 26 Grain Transportation Report.
Rates to Japan dropped while Gulf-to-Europe rates were up against the four-year average.
Lower freight costs improve the export margin for US grain and lower delivered costs for buyers, which is mildly bearish for export-linked grain prices. The decline is not certain to persist, as rates have been volatile.
world-grain.comSusan ReidyOct 27, 2023Not 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.
