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The Baltic Exchange's main sea freight index fell to its lowest level since December 2020, down 13.4% on the week to 1,279 points. Capesize rates dropped 42.5% weekly amid weak iron ore and coal demand, and Chicago wheat neared a six-month low on sluggish US exports and expected Black Sea shipments.
Weaker dry bulk freight signals softer global shipping demand and lowers costs for grain and feed ingredient imports, while the wheat reference points to bearish grain pricing.
gcaptain.comReutersAug 19, 2022Not enough comparable past events yet for a historical read.
After 137 past bearish logistics events, Wheat (SRW) moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.0%), and +0.0% 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.
