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Freight costs from the Black Sea to key consumers have roughly doubled from last year due to higher fuel costs, tighter vessel supply and longer port turnaround times. Wheat shipments from the Black Sea to Asia now cost about $65 a tonne, compared with about $35 a year earlier.
Higher ocean freight raises delivered costs for Black Sea grain into Asia and Europe, narrowing the export arbitrage and supporting prices for competing origins.
reuters.comNaveen Thukral, Gavin MaguireJul 9, 2021Not enough comparable past events yet for a historical read.
After 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.
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.
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.
