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The Baltic Exchange's main sea freight index fell for a sixth straight session on January 24, 2023, touching a 2-1/2-year low of 721. Capesize rates dropped 6.8% to 685, and panamax rates also hit a more than two-year low.
Lower ocean freight rates reduce the landed cost of grain and meal imports, which can ease basis and delivered feed prices for importers, though weak freight also signals softer global trade volumes.
gcaptain.comReutersJan 24, 2023Not 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.
