The US Department of Agriculture’s (USDA’s) latest forecasts bode well for operators of supramax bulkers, a leading equity analyst told clients Tuesday.
The US Department of Agriculture believes corn and soybean production will hit record highs in the coming months.
The US Department of Agriculture believes corn and soybean production will hit record highs in the coming months. United States soybean harvest will top 3.8 bushels, which would mark a new record.
Corn production is due to hit 14 billion bushels, which would represent a all-time high as well, while wheat production is expected to rise to 572 million. The delayed South American grain exports along with the Brazilian winter wheat harvest in September will further strengthen supply/demand fundamentals for dry bulk vessels.
Supramax Bulkers trading in the spot market were seeing day rates of around $10,300 on average,
Dry Bulk Shipping News - Shipbroker Notes