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Drought in the Panama Canal basin has forced draft restrictions, so large ships, mainly from the U.S. and China, must transit with less cargo. The driest period on record for the basin is also affecting communities that depend on tourism along its tributaries.
Reduced draft cuts cargo per voyage and raises per-ton shipping costs for U.S. grain and coal headed to Asia, supporting freight rates and reinforcing the case for Atlantic-route alternatives.
apnews.comJUAN ZAMORANO, ARNULFO FRANCOApr 30, 2019Not enough comparable past events yet for a historical read.
After 359 past bearish logistics events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -1.5% to +1.5%), and -0.5% over 20.
After 297 past bearish logistics events, Soybeans 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.
