Gatun Lake, the artificial lake which discharges water into the locks of the Panama Canal, for transit between the Atlantic and the Pacific is down to the lowest level since 1995.
October precipitation has been the lowest since 1950 and is down 41 percent from normal. New forecasts peg rainfall to remain 38 percent below normal for the rest of the year. Thus, the Canal Authority has announced more shipping restrictions. Since the end of July, the Authority reduced capacity to 32 vessels per day; historically the average is around 40 ships. That caused a back-up in August of 160 vessels. Neopanamax vessels faced an average wait of 17 days. Yesterday the authority announced that starting 3 November booking slots...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
