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Congestion at Chinese dry bulk terminals is rising to very high levels, with Panamax congestion reaching 14.8 million tonnes, 90% above the five-year average. Record grain liftings into China and strong coal volumes are contributing, while anti-Covid measures for ships are adding delays.
Port congestion in China delays grain and oilseed discharge, raising demand-side freight costs and tying up vessels that would otherwise be available for other trades. Sustained record Chinese grain buying supports demand for feed ingredients and firms ocean freight.
splash247.comSam ChambersJun 3, 2021Not enough comparable past events yet for a historical read.
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.
After 206 past bullish logistics events, Soybeans moved a median +0.5% over 5 sessions (56% higher; middle half -1.3% to +2.6%), and +1.4% 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.
