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The Baltic Dry Index hit a 13-year high of 5,650 on Oct 7 and then fell 28% to 4,056 by Oct 27. Port congestion, supply chain disruptions and the use of bulk ships for containerized cargo were cited as drivers.
About 16% of the world's dry bulk fleet was reported waiting to unload, with 6% of that at Chinese ports.
Freight costs for grain shipments remain highly volatile because of port delays and idle tonnage. Traders should expect continued swings in ocean freight that feed through to landed feed ingredient prices.
uswheat.orgOct 28, 2021Not 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.
