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FreightWaves reports that a developing El Niño could prolong drought in Australia and bring dry weather to Russia and Ukraine. Banchero Costa forecasts record South American coarse grain exports of 57.5 million tonnes in 2018/19.
Dry bulk Atlantic rates could reach levels not seen since 2012.
Drought in Australia and the Black Sea would tighten wheat supply and support prices, while strong South American export volumes would lift freight demand. Higher Atlantic dry bulk rates would raise delivered feed grain costs.
freightwaves.comFreightWaves StaffSep 20, 2018Not enough comparable past events yet for a historical read.
After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% 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.
