The start of the US grain export season is raising hopes for better dry bulk ship demand in the second half of the year. But market observers caution that owners should not lift expectations too high.

This month, Archer Daniels Midland chief executive Juan Luciano said good US crop conditions will “translate into improved export volumes and margins”.

And last Friday, the US Department of Agriculture raised its projections for US corn and soybean harvests some 4% from its July projections.