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Ocean freight for bulk grain rose in the second quarter of 2021, with US Gulf to Japan averaging $65.94/mt, up 26% quarter on quarter. Pacific Northwest to Japan averaged $38.34/mt and US Gulf to Europe averaged $23.19/mt.
Rates were supported by economic reopening, stimulus spending and strong grain and bulk flows.
Sustained freight increases raise the cost of exporting US grain and meal, which narrows the basis and supports higher delivered prices for importers. Feed buyers in Asia and Europe face higher landed costs.
iasoybeans.comIowa Soybean AssociationJul 27, 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.
