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Freight Costs Spike Amid High Grain Prices

Cost of carrying grains from growing regions doubles since 2020


Rising costs to ship crops globally are adding to concerns about food inflation that are already at decade-highs and hitting cost-sensitive consumers in import-dependent markets, reports Reuters.

The cost of bulk carriers that move grains and oilseeds from production hubs in the Americas and Black Sea to key consumers have roughly doubled from last year due to rising fuel costs, tighter vessel supply and longer port turnaround times amid COVID-19 curbs, according to grain and shipping sources.

"For years, buyers enjoyed low grain and freight prices. I see no immediate end to high freight costs," Phin Ziebell, agribusiness economist at National Australia Bank in Melbourne, told Reuters.

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