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The Baltic Dry Index posted its largest ever weekly gain of 68.5 percent, closing at a six-month high of 1,555 points. The index has risen almost 300 percent from its May 14 low of 393 points after coronavirus lockdowns halted trade.
The rally was driven by a revival in Chinese iron ore demand and rising Brazilian iron ore exports.
A sharp rise in dry bulk rates increases the cost of moving grains and oilseeds by sea, which can narrow origin price spreads and lift delivered feed ingredient costs.
farmonline.com.auGrain Brokers AustraliaJun 23, 2020Not 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.
