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JJGTF - New Grain Seasonality Signals Higher Rates In The Short Term While Risk Remains In The Fourth Quarter
iPath Bloomberg Grains Total Return Sub-Index ETN
Grain freight rates have started to trend upwards in early August, and a key focus has been the Atlantic region again. For example, Panamax US to China grain freight rates (P7) have increased by 20% in a month to USD45/ton at the end of August, according to the Baltic Exchange.
There are several reasons behind the recent strength in grain freight rates. In our view, grain shipping earnings have been supported by tonnage tightness in the North Atlantic region with a combination of improved grain chartering activities, and this will continue to maintain overall grain