# Momentum building for dry cargo - Splash247

> Splash247 reports Capesize time-charter equivalents reached $31,089 per day on October 17 after bottoming below $9,000 in early September. Iron ore freight from Brazil and Australia to China rose sharply in October, and Panama Canal transit cuts are expected from November 1, which could divert US grain shipments.

- Date: 2023-10-24 · published 2023-10-24T12:00:00.000Z
- Category: logistics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/33810-momentum-building-for-dry-cargo-splash247
- Commodities: [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Panama Canal transit restrictions could lengthen US grain voyages and raise ocean freight costs for feed grains bound for Asia, supporting higher freight rates.

## Read by commodity

- SOY: neutral
- CORN: neutral
- OCEANFRT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2017-01-23 | [IFC to disburse money for building a terminal at Yuzhny sea port](https://feedsoft.ai/events/72854-ifc-to-disburse-money-for-building-a-terminal-at-yuzhny-sea-port.md) | -0.4% | +0.5% |
| CORN | 2022-05-14 | [Drought Stalls Mississippi River Cargo](https://feedsoft.ai/events/16710-drought-stalls-mississippi-river-cargo.md) | +0.1% | +0.3% |
| CORN | 2017-07-01 | [New terminal for Chornomorsk ‣ WorldCargo News](https://feedsoft.ai/events/69818-new-terminal-for-chornomorsk-worldcargo-news.md) | +5.2% | -0.0% |
| CORN | 2019-06-21 | [Armada of barges cleared for Mississippi River shipments after floods](https://feedsoft.ai/events/58495-armada-of-barges-cleared-for-mississippi-river-shipments-after-floods.md) | +0.2% | -2.4% |
| CORN | 2023-05-26 | [Grain Shipment Disruptions from Mississippi Flooding](https://feedsoft.ai/events/16630-grain-shipment-disruptions-from-mississippi-flooding.md) | -4.9% | +0.1% |
| SOY | 2018-07-24 | [FIS introduces new grain routes to China - Splash247](https://feedsoft.ai/events/64248-fis-introduces-new-grain-routes-to-china-splash247.md) | +3.2% | +4.0% |
| SOY | 2020-08-31 | [Dry Bulk Market: Capesize Segment Ends Week in a Bang - Maritimes](https://feedsoft.ai/events/51811-dry-bulk-market-capesize-segment-ends-week-in-a-bang-maritimes.md) | +2.0% | +4.8% |
| SOY | 2019-06-21 | [Armada of barges cleared for Mississippi River shipments after floods](https://feedsoft.ai/events/58495-armada-of-barges-cleared-for-mississippi-river-shipments-after-floods.md) | -3.0% | -1.5% |

## Sources

- splash247.com: https://splash247.com/momentum-building-for-dry-cargo/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.