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Baltic Dry Bulk indices surged in the week, led by the Capesize market, with physical Capesize daily hire rising from $13,000 to $25,250. Panamax rates moved from $8,400 to a high of $11,600 per day.
Forward months traded at a slight discount to spot, and the report questioned whether the global recovery was truly underway.
Sharp gains in Panamax and Capesize hire rates raise the cost of shipping US and South American grains, and the inverted forward curve signals that the rally may not hold.
grains.orgJun 18, 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.
