# Panama Canal backup forces detours for Asia-bound grain ships | World Ports Organization

> A severe drought linked to El Niño has cut ship traffic through the Panama Canal, with the daily transit limit lowered to 22 ships in December from a normal 36. The Panama Canal Authority plans to raise transits to 24 in January, still well below normal. Grain carriers are detouring via Suez or around southern Africa, and slot auctions cost $1.4 million to $2 million.

- Date: 2023-12-30 · published 2023-12-30T12:00:00.000Z
- Category: logistics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/32463-panama-canal-backup-forces-detours-for-asia-bound-grain-ships-world-ports
- 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

Delays and rerouting raise ocean freight costs for U.S. grain bound for Asia during peak export season, widening the basis gap versus other origins and pressuring U.S. export prices.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2023-06-22 | [Panama Canal further limits ship depth \| World Grain](https://feedsoft.ai/events/35378-panama-canal-further-limits-ship-depth-world-grain.md) | -8.7% | -14.9% |
| CORN | 2023-12-22 | [Return to the Black Sea: New grain lane could ease Ukraine’s rift with neighbours \| World Ports Organization](https://feedsoft.ai/events/14340-return-to-the-black-sea-new-grain-lane-could-ease-ukraine-s-rift-with.md) | +2.4% | -1.8% |
| CORN | 2022-05-27 | [Grains Outlook Points To Dry Bulk Headwinds \| World Ports Organization](https://feedsoft.ai/events/41301-grains-outlook-points-to-dry-bulk-headwinds-world-ports-organization.md) | -4.1% | -4.3% |
| CORN | 2024-08-14 | [Gas and grain ships shun Panama Canal after drought disruption](https://feedsoft.ai/events/17006-gas-and-grain-ships-shun-panama-canal-after-drought-disruption.md) | -0.7% | +0.6% |
| CORN | 2023-11-09 | [Panama Canal crisis forces US farm exports to detour through Suez](https://feedsoft.ai/events/33062-panama-canal-crisis-forces-us-farm-exports-to-detour-through-suez.md) | -1.5% | -1.0% |
| SOY | 2023-06-22 | [Panama Canal further limits ship depth \| World Grain](https://feedsoft.ai/events/35378-panama-canal-further-limits-ship-depth-world-grain.md) | -4.2% | -1.3% |
| SOY | 2024-08-14 | [Gas and grain ships shun Panama Canal after drought disruption](https://feedsoft.ai/events/17006-gas-and-grain-ships-shun-panama-canal-after-drought-disruption.md) | -3.2% | -0.9% |
| SOY | 2023-11-09 | [Panama Canal crisis forces US farm exports to detour through Suez](https://feedsoft.ai/events/33062-panama-canal-crisis-forces-us-farm-exports-to-detour-through-suez.md) | +2.7% | -2.8% |

## Sources

- worldports.org: https://www.worldports.org/panama-canal-backup-forces-detours-for-asia-bound-grain-ships/

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