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Ocean freight rates for shipping bulk grain fell to their lowest level in 12 weeks, per the USDA Grain Transportation Report. The U.S. Gulf to Japan rate was $49.50 per metric ton, and PNW to Japan was $27 per metric ton, both down week over week though still above early-year levels.
Lower ocean freight reduces the cost of exporting U.S. grain and soybeans, supporting FOB basis and export competitiveness versus Brazil and Black Sea origins.
feedandgrain.comOct 2, 2020Not enough comparable past events yet for a historical read.
After 284 past neutral logistics events, Corn moved a median -0.0% over 5 sessions (49% higher; middle half -1.3% to +1.4%), and -0.2% over 20.
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.
