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The U.S. Grains Council's weekly freight commentary reports that capesize paper markets fell sharply as sellers took profits, with daily hire rates dropping from $85,000 to $50,000. Panamax and supramax rates held better at about $38,000 a day.
The analyst described the decline as a technical correction, with the physical trend still moving higher.
A paper-market correction in capesize rates does not yet reverse the physical trend, so grain freight is likely to remain firm. Tight U.S. Gulf to Caribbean freight could support regional feed shipping costs.
grains.orgOct 21, 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.
