Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: Dry bulk markets experienced a quiet week with low cargo volumes in the Pacific and no excitement in the Atlantic. FFA paper traders did their best to provide support, but physical markets did not follow and moved slightly lower. The forward curve chart on freight remains inverted and less than optimistic. It was good to see the jump in U.S. containerized grain shipments in this week’s USDA report.
Water problems persist for the Panama Canal and Mississippi River. Further river barge restrictions have been put in place and everyone other than farmers trying to harvest is praying for rain.
