Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: FFA paper traders managed to move dry-bulk futures markets slightly higher for the week, but physical markets were not ready to follow their lead. Physical markets were happy to remain steady and mostly unchanged for the week. Dry-bulk cargo demand from Australia to China has shown some improvement, as has grain cargo demand for soybeans from the U.S. PNW to China. After months of no PNW soybean exports, China’s soybean business has finally awakened PNW ports with 24 soybean ships showing up to load over the next week.
Rain is still badly needed for Mississippi River water levels and barge drafts and harvest logistic concerns are still growing.
