Extract: Ocean freight rates for heavy grains in the first half of 1982 reached their lowest levels since 1978, despite a 3-percent growth in seaborne grain movements in 1981. A worldwide economic recession and an oversupply of dry cargo carrying capacity was responsible for this downturn. Based on current supply of dry bulk cargo carrying tonnage at the beginning of 1982, and on existing orders for new bulk ship tonnage, supply will continue to increase in the short run. In the absence of appreciable growth in the demand for shipping, continuing oversupply will keep grain rates from increasing appreciably in the near term.