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Suez Canal Authority head Osama Rabie reported a 15% rise in transits of wheat and gas ships and said Asian imports will be rerouted away from the canal to offset lost Black Sea trade. Grain exports are expected to flow to Northwestern Europe, and additional 5-10% transit fees apply to some ship categories.
Rerouting Black Sea grain to Northwestern Europe and Asia changes ocean freight patterns and supports freight costs, while Black Sea supply loss tightens wheat and feed grain availability.
arabnews.comArab NewsMar 2, 2022After 283 past bullish logistics events, Wheat (SRW) moved a median -0.2% over 5 sessions (46% higher; middle half -1.4% to +1.3%), and -0.1% over 20.
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.
