According to the logistics update, shipping container rates from Asia to the US continued to decrease as congestion has eased at ports due to declining demand from US consumers. The Global Supply Chain Pressure Index also shows that overall pressure on global supply chains decreased considerably in February and are below the historical average.
Rates for shipping containers to both US coasts are significantly lower than a year ago and in 2019.
Although it is unclear if the volumes that moved to the East Coast due to port backlogs and potential labor disruptions will return to the West Coast. Supply chain advisors have reported that ports are now “wide open” after working through the backlogs created by surging demand during COVID-19 lockdowns.
The composite index also showed a 3% decrease this week, down 80% from the same period last year.
JBS profit falls 64%, Hormel’s dismal performance & Moody’s downgrades BRF!
Inflation forces half of Australians to buy less meat
ESS-Feed Daily “Inflation forces half of Australians to buy less meat”