# Weaker Argentinian seaborne grain flows to weigh on ECSA freight market | S&P Global

> Argentinian seaborne grain flows are running about 40% below the five-year average, and Panamax freight rates for East Coast South America are near their lowest since 2021. Drought and frost concerns for Argentine crops are weighing on fronthaul grain freight recovery hopes.

- Date: 2023-02-21 · published 2023-02-21T12:00:00.000Z
- Category: logistics · region Argentina · magnitude low
- Page: https://feedsoft.ai/events/37214-weaker-argentinian-seaborne-grain-flows-to-weigh-on-ecsa-freight-market-s-and-p
- Commodities: [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

A smaller Argentine harvest means fewer soybean and corn cargoes, reducing demand for Panamax ships and keeping freight rates depressed, which lowers shipping costs for feed importers in the region but signals weaker South American export volumes.

## Read by commodity

- SOY: bullish ▲
- CORN: bullish ▲
- OCEANFRT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2021-08-19 | [Argentinian soy meal market surges on demand, slow farmer selling \| S&P Global](https://feedsoft.ai/events/45644-argentinian-soy-meal-market-surges-on-demand-slow-farmer-selling-s-and-p-global.md) | -0.9% | -4.6% |
| SOY | 2022-04-19 | [Argentina port workers to go on strike in the middle of soybean, corn harvest \| S&P Global](https://feedsoft.ai/events/41858-argentina-port-workers-to-go-on-strike-in-the-middle-of-soybean-corn-harvest-s.md) | -0.7% | -3.4% |
| SOY | 2024-09-12 | [Brazilian soybean meal widens gap to Argentina \| S&P Global](https://feedsoft.ai/events/28390-brazilian-soybean-meal-widens-gap-to-argentina-s-and-p-global.md) | +3.5% | +4.1% |
| SOY | 2025-03-13 | [Argentine soybean mill workers strike creating unease in global meal market](https://feedsoft.ai/events/13872-argentine-soybean-mill-workers-strike-creating-unease-in-global-meal-market.md) | +2.1% | +2.6% |
| SOY | 2020-09-15 | [Grain shippers brace for tight rail market - FreightWaves](https://feedsoft.ai/events/51304-grain-shippers-brace-for-tight-rail-market-freightwaves.md) | +0.3% | +1.4% |
| CORN | 2023-04-24 | [Black Sea Watch: Ukrainian grain flows ease amid safe passage uncertainty \| S&P Global](https://feedsoft.ai/events/14398-black-sea-watch-ukrainian-grain-flows-ease-amid-safe-passage-uncertainty-s-and.md) | -0.7% | -9.9% |
| CORN | 2022-04-19 | [Argentina port workers to go on strike in the middle of soybean, corn harvest \| S&P Global](https://feedsoft.ai/events/41858-argentina-port-workers-to-go-on-strike-in-the-middle-of-soybean-corn-harvest-s.md) | -2.4% | -1.2% |
| CORN | 2024-10-23 | [Resuming attacks on Ukrainian grain exports threatens 1% of dry bulk market: BIMCO \| S&P Global](https://feedsoft.ai/events/14263-resuming-attacks-on-ukrainian-grain-exports-threatens-1-of-dry-bulk-market.md) | -0.6% | +0.9% |

## Sources

- spglobal.com: https://www.spglobal.com/energy/en/news-research/latest-news/shipping/022123-weaker-argentinian-seaborne-grain-flows-to-weigh-on-ecsa-freight-market

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