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Grain piles up in ports

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    Grain piles up in ports

    "There's all kinds of stuff stacked up on docks right now that can't be shipped because people can't get letters of credit," said Bill Gary, president of Commodity Information Systems in Oklahoma City. The problem is not demand, and it's not supply because we have plenty of supply. It's finding anyone who can come up with the credit to buy."

    "Access to credit is key to the survival of maritime trade and insiders now say the supply is being severely restricted. More than 90% of the world's trade by volume goes by ship. The Baltic Dry Goods Index, the main measure of shipping rates, is down 74% from its high back in May when trade with China was still strong."

    Grain piles up in ports
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