The chief commodities economist with StoneX Group says attacks to ships in a major global shipping channel are a hurdle for any U.S. agricultural exports enroute to southeast Asia.

Arlan Suderman says the ships with grain that usually travel through the Panama Canal have been re-routed through the Suez Canal in the Red Sea, due to drought.

“All was fine until periodical attacks started happening in the Red Sea. That increases insurance rates when insurance companies start to see a higher risk for the ships they’re insuring.”

Suderman says demand for U.S.

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