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
Yesterday’s momentum is facing a tougher test today. Stocks and most grain markets have pulled back, while higher Treasury yields and a firmer dollar are making buyers work harder to defend the gains. Crude oil has turned lower, easing some immediate energy pressure, but the Fed minutes l...
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