Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: Dry-bulk markets continued to rally based on follow through demand from the East Coast of South America, problematic vessel congestion in Brazil, and optimism among FFA paper traders regarding the beginning of the North American grain harvest. This week saw the arrival of the first soybean vessel in the U.S. PNW in many months.
Grain vessel wait times at the Panama Canal continue to run 10-13 days through the old locks and are expected to remain such for some months. Rain is still badly needed for Mississippi River water levels and barge drafts and harvest logistic concerns are growing.
