ADZ - Grain Trade Has Supported Panamax Freight Rates But Coal Risk Still Remains

October, 21 2020 08:49 AM DB Agriculture Short ETN due April 1 2038

Chinese demand for soybean remains strong, with the recovery in pig herd and pork consumption from the outbreaks of African swine fever.
When Capesize freight rates reached their 13-month high at USD34,896/day (6 October) in early October, it made a positive impact on Panamax sentiments and improved Panamax FFA assessments.
The number of laden Panamax vessels anchored nearby Chinese ports peaked in August, averaging 72 ships, and declined to 52 ships in early October as coal and soybean shipments to China have decreased as well as improved weather conditions.

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Company Name:	DB Agriculture Short ETN due April 1 2038
Stock Symbol:	ADZ
Market:	OTC