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Panamax freight rates rallied sharply in February 2021, with Kamsarmax spot rates reaching about $22,659 per day, the highest in over ten years. Paper (FFA) contracts also surged before partly retreating.
The rally was driven by a surge in US grain volumes on Panamax ships after two seasons of depressed shipments.
Record Panamax rates and US grain export volumes lift the cost of moving grain and soybeans to overseas buyers, which can widen US Gulf and Pacific basis differentials. Buyers should expect elevated freight to keep feed ingredient landed costs high.
breakwaveadvisors.comBraemarFeb 19, 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.
