# Weight of Freight: Panamax locks demand, auction prices jump | Argus Media

> Auction prices for Panamax lock slots at the drought-restricted Panama Canal have more than doubled since mid-January. The Panama Canal Authority has limited transits to 24 per day, and Gatun Lake levels are at record lows. Ship operators are also avoiding the Suez route due to Red Sea risks.

- Date: 2024-02-24 · published 2024-02-24T12:00:00.000Z
- Category: logistics · region Panama Canal · magnitude medium
- Page: https://feedsoft.ai/events/31558-weight-of-freight-panamax-locks-demand-auction-prices-jump-argus-media
- Commodities: [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Canal transit limits raise freight costs and delays for US Gulf grain and feed exports to Asia, which can weaken US export competitiveness and pressure feed ingredient prices.

## Read by commodity

- SOY: bearish ▼
- CORN: bearish ▼
- OCEANFRT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2026-06-10 | [Panama Canal sets 49.5-foot draft limit from July 3, auction prices hit US$400,000 \| Food Business Middle East & ...](https://feedsoft.ai/events/16850-panama-canal-sets-49-5-foot-draft-limit-from-july-3-auction-prices-hit-us-400.md) | -1.1% | -0.3% |
| CORN | 2026-10-16 | [Panama Canal Adds One Slot, but Grain Freight to Japan Is Up 36%](https://feedsoft.ai/events/16756-panama-canal-adds-one-slot-but-grain-freight-to-japan-is-up-36.md) | -1.2% | — |
| CORN | 2023-10-06 | [Low river levels, barge freight, and widening basis](https://feedsoft.ai/events/16596-low-river-levels-barge-freight-and-widening-basis.md) | -0.5% | -4.9% |
| CORN | 2022-10-07 | [Slow US demand puts the brakes on wheat - Mecardo](https://feedsoft.ai/events/5089-slow-us-demand-puts-the-brakes-on-wheat-mecardo.md) | +2.0% | +0.2% |
| CORN | 2026-10-13 | [Freight costs limit relief from lower grain prices, Commo18 says \| Miller Magazine](https://feedsoft.ai/events/17248-freight-costs-limit-relief-from-lower-grain-prices-commo18-says-miller-magazine.md) | -2.0% | — |
| SOY | 2026-06-10 | [Panama Canal sets 49.5-foot draft limit from July 3, auction prices hit US$400,000 \| Food Business Middle East & ...](https://feedsoft.ai/events/16850-panama-canal-sets-49-5-foot-draft-limit-from-july-3-auction-prices-hit-us-400.md) | +0.6% | +5.3% |
| SOY | 2019-07-18 | [Price of soybeans fall in Brazil due to freight - DatamarNews](https://feedsoft.ai/events/58296-price-of-soybeans-fall-in-brazil-due-to-freight-datamarnews.md) | +1.0% | -2.4% |
| SOY | 2026-10-16 | [Panama Canal Adds One Slot, but Grain Freight to Japan Is Up 36%](https://feedsoft.ai/events/16756-panama-canal-adds-one-slot-but-grain-freight-to-japan-is-up-36.md) | -0.7% | — |

## Sources

- argusmedia.com: https://www.argusmedia.com/en/news-and-insights/market-opinion-and-analysis-blog/weight-of-freight-panamax-locks-demand-auction-prices-jump

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.