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Cargill has reportedly booked the 180,000 mt capesize vessel MV Pacific Myra to carry grain, likely soybeans, from Santos to Rotterdam. The move substitutes a larger ship for the usual panamax after panamax freight rates jumped sharply in February.
Switching to a capesize cuts freight costs by an estimated $13-15/mt on this route, but sources expect it to be a one-time fixture. Tight panamax supply raises landed costs for feed ingredients into Europe.
fastmarkets.comJohnny HuangMar 3, 2021Not enough comparable past events yet for a historical read.
After 230 past neutral logistics events, Soybeans moved a median +0.4% over 5 sessions (55% higher; middle half -1.4% to +2.0%), and +0.1% 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.
