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Panamax freight forward agreements rebounded on Wednesday, with July contracts closing $1,632 higher at $34,782 per day and August up about $1,625 at $35,075 per day. The move followed talk that physical panamax spot rates had bottomed, after a strong grain trade, especially cargoes bound for China, lifted spot markets to 11-year highs earlier in June.
Higher dry bulk freight raises the landed cost of grain and meal shipped from South America and the Black Sea, narrowing export netbacks and supporting delivered feed prices in importing regions.
tradewindsnews.comJun 23, 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.
