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Ocean freight rates have fallen over the past month to near 2022 lows, with the Baltic Dry Index at 1,149 on November 22 after a ninth straight decline. Container rates have also dropped sharply as COVID cases and restrictions in China weigh on demand.
Lower ocean freight reduces landed costs for grain and oilseed exports, especially for origins like Canada that face freight disadvantages, while softer Chinese demand weighs on bulk trade prospects.
grainews.caPhil Franz-Warkentin, GFM Network NewsNov 23, 2022Not 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.
