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The Wall Street Journal reports the Panama Canal is at its lowest level in more than 100 years, with some vessels cutting container loads by about a quarter. Further restrictions may take effect in late June, and shipowners are moving containers onto rail to get through the locks.
The canal carries about one-third of Asia-to-Americas seaborne trade, so drought-driven restrictions raise shipping costs and delays for agricultural and other cargo. This supports higher ocean freight rates for US exporters.
grains.orgJun 22, 2023grains.orgJun 22, 2023Not enough comparable past events yet for a historical read.
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.
Not enough comparable past events yet for a historical read.
After 167 past bullish logistics events, Soybean Meal moved a median +0.5% over 5 sessions (54% higher; middle half -1.8% to +2.9%), and -1.2% 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.
