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DTN reports that Panamax grain freight from the US Gulf to northern China more than doubled in 2021 and is now starting to ease. Corn and soybean cash prices are being supported by strong domestic demand, with record crush margins and October crush at the highest since January.
Easing ocean freight reduces export costs, while firm domestic crush demand supports soybean meal and corn prices for feed buyers.
dtnpf.comTodd HultmanNov 19, 2021Not enough comparable past events yet for a historical read.
After 206 past bullish logistics events, SOY moved a median +0.5% over 5 sessions (56% higher; middle half -1.3% to +2.6%), and +1.4% over 20.
After 285 past bullish logistics events, CORN moved a median +0.1% over 5 sessions (52% higher; middle half -1.5% to +1.5%), and +0.8% over 20.
After 167 past bullish logistics events, SBM moved a median +0.5% over 5 sessions (54% higher; middle half -1.8% to +2.9%), and -1.2% 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.
