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USDA's Grain Transportation Report says ocean freight rates for bulk grain fell to their lowest level in 12 weeks. For the week ending October 31, the US Gulf to Japan rate was $49.50 per metric ton, down 2% week on week.
The PNW to Japan rate was $27 per metric ton, down 4%.
Lower freight narrows the delivered cost gap for exporters and reduces the cost of importing feed grains into Asia. The IMO 2020 sulphur rule from January 1, 2020 could tighten vessel supply and reverse this trend.
grainjournal.comNov 7, 2019Not 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.
