Key Takeaways:
- Dry bulk markets are mixed this week with the Capesize sector falling on the demand slump stemming from China’s Golden Week holiday while Panamax and smaller vessel class rates remain firm.
- The Atlantic’s first hurricane of the season, Hurricane Isaias, intensified overnight to a Category 1 storm, but has potential to become a Category 3 hurricane before making landfall (expected on Friday). The storm could impact some grain loadings and exports from the Gulf, though current projections suggest the landfall will be further east in Alabama and Florida.
- Middle East crude oil exports averaged 18.5 Mbpd for the first week of October, above the pre-war average of 18.0 Mbpd as shipping normalizes
What You Need to Know Today: New World screwworm is back in the headlines after new cases were found in a hunter-harvested elk in Texas and a beef cow in New Mexico. The detection in wildlife could further complicate containment efforts, as implementing effective biosecurity measures is consid...
Cattle on Feed Expectations USDA’s monthly Cattle on Feed report that will show cattle inventory statistics as of 1 October will be released tomorrow, 23 October. Analysts’ pre-report consensus estimates are for the total inventory on feed to be 100.3 percent of last year, which imp...
Key Takeaways: Dry bulk markets remain mixed with Capesize rates turning around from their recent weakness and posting solid gains on improved Chinese demand. Panamax vessels, on the other hand, saw rates decline amid greater tonnage availability in the South Atlantic and falling U.S. Gu...
