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The Panama Canal Authority has cut maximum ship weights and daily crossings to conserve water during a historic drought. Restrictions have affected about 170 countries and include US soybean and LNG shipments, and China-US spot shipping prices have risen as much as 36%.
Fewer transits lengthen voyages and raise freight costs for US soybean and grain exports to Asia, which can widen US export basis and lift ocean freight.
reuters.comLisa Baertlein, Marianna ParragaAug 21, 2023Not enough comparable past events yet for a historical read.
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.
