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Dry bulk freight rates fell to their lowest since March 2016 as freight demand from China collapsed during the Lunar New Year lull. The Baltic Dry Index dipped to 415 on February 7 and has recovered only slightly, and Capesize rates have turned negative.
Ocean freight for soybeans and grain is cheap, which lowers the landed cost of imported feed ingredients. Weak shipping demand from China also points to lower Chinese import demand for soybeans.
dtnpf.comElaine KubFeb 26, 2020Not enough comparable past events yet for a historical read.
After 297 past bearish logistics events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.5% to +1.8%), and +0.7% 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.
