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A US Grains Council market update says the ILWU and PMA reached a new six-year labor contract for West Coast container ports. It also reports that the Panama Canal's maximum draft will fall to 11.7 meters (38.5 fresh-water feet) by July 19, down from 44 feet now.
Lower draft limits will restrict how much grain US Gulf vessels can load, raising per-tonne freight costs and reducing export competitiveness. The labor deal removes one West Coast disruption risk.
grainjournal.comJun 1, 2023Not enough comparable past events yet for a historical read.
After 359 past bearish logistics events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -1.5% to +1.5%), and -0.5% over 20.
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.
