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Freight rates from Azov-Black Sea ports rose over the past week, most visibly from the Danube region. Rates from Izmail and Reni to Mersin or Beirut reached $44.5/ton, and Sea of Azov rates rose to $37.59/ton.
Higher Black Sea freight raises the landed cost of wheat, corn and barley into Middle East and Turkish markets, which supports export prices for those grains.
en.usm.mediaNinaJul 29, 2023Not enough comparable past events yet for a historical read.
After 283 past bullish logistics events, Wheat (SRW) moved a median -0.2% over 5 sessions (46% higher; middle half -1.4% to +1.3%), and -0.1% over 20.
After 285 past bullish logistics events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.5% to +1.5%), and +0.8% 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.
