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Ukraine's agriculture minister said freight rates on the new temporary Black Sea corridor have fallen significantly and are expected to fall further. Freight is about 30-40% cheaper over the prior 2-3 weeks, though still higher than before the disruption.
Cheaper freight lifts the margin on Ukrainian grain and makes Black Sea origin more competitive in export markets, which is bearish for world grain prices. Lower costs also help Ukrainian exporters move more volume.
agriculture.comReutersOct 2, 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.
