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The Ever Given container ship blocked the Suez Canal for six days, causing port congestion and delays. USDA and vessel data cited by Bloomberg show more than 80% of impacted grain shipments were corn, with about 60% on six vessels headed to China.
One vessel carrying corn to Vietnam diverted around South Africa.
Delayed corn cargoes and rerouting tighten nearby supply timing and raise freight costs, which can support corn prices and ocean freight rates.
news.grainpro.comApr 27, 2021After 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.
Not 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.
