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The Baltic Exchange's main sea freight index dropped 67 points to 976 on January 12, its lowest since early September, on weaker demand across capesize, panamax and supramax vessels. Panamax earnings fell to a two-and-a-half-year low, and the Buenos Aires grains exchange warned it could cut Argentine soy and corn forecasts by up to 25% if drought persists.
Lower freight rates cut shipping costs for grain and meal, while the possible Argentine crop cut would tighten soy and corn supplies and support feed prices.
gcaptain.comReutersJan 12, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
