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Baltic freight indices rallied for about two weeks but are now losing support, with more freight offers emerging from the Black Sea, South America and the US Gulf. Physical Gulf-to-Asia and PNW-to-Asia grain rates are roughly flat versus May 18 even though the Panamax index has risen from 894 to 1,119.
Physical grain freight tends to follow the Baltic indices with a lag, and new offers from several origins point to softer ocean freight costs ahead, which trims the landed cost gap for exporters.
grains.orgJun 29, 2017grains.orgJun 29, 2017After 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.
Not 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.
