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Backlog of more than 60 grain ships waiting to load at Pacific Northwest ports, two to three times normal, is expected to persist into April after months of rain and snow slowed loadings. Asian buyers are switching purchases to Gulf Coast terminals, and Gulf corn export prices climbed above $176 per tonne FOB, the highest since mid-September.
Diverted Asian demand to the Gulf lifts Gulf corn basis and freight costs while longer shipping times add to logistics expense for feed buyers.
gcaptain.comReutersMar 3, 2017After 285 past bullish logistics events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.5% to +1.5%), and +0.8% over 20.
Not enough comparable past events yet for a historical read.
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.
