# Panama Canal crisis forces US farm exports to detour through Suez

> A record drought has cut transits through the Panama Canal, pushing most U.S. grain-laden dry bulk vessels bound for Asia onto the longer Suez Canal route. Eagle Bulk and Genco executives confirmed the rerouting, which adds about 10 days.

- Date: 2023-11-09 · published 2023-11-09T12:00:00.000Z
- Category: logistics · region Panama Canal · magnitude medium
- Page: https://feedsoft.ai/events/33062-panama-canal-crisis-forces-us-farm-exports-to-detour-through-suez
- Commodities: [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Longer voyages absorb more vessel capacity and raise ocean freight costs for US grain exports to Asia, supporting freight rates and weighing on US export competitiveness versus Brazil.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2019-05-06 | [Panama Canal Drought Puts Bullseye on U.S. Gulf Crop Exports -](https://feedsoft.ai/events/58988-panama-canal-drought-puts-bullseye-on-u-s-gulf-crop-exports.md) | -3.9% | +6.0% |
| SOY | 2023-12-30 | [Panama Canal backup forces detours for Asia-bound grain ships \| World Ports Organization](https://feedsoft.ai/events/32463-panama-canal-backup-forces-detours-for-asia-bound-grain-ships-world-ports.md) | -4.2% | -5.8% |
| SOY | 2023-06-24 | [US trade dominates Panama Canal traffic. A drought is threatening it](https://feedsoft.ai/events/35379-us-trade-dominates-panama-canal-traffic-a-drought-is-threatening-it.md) | +4.2% | +1.9% |
| SOY | 2019-04-02 | [Brazil ports linked to Bunge, Cargill seek lower Panama Canal fees](https://feedsoft.ai/events/59493-brazil-ports-linked-to-bunge-cargill-seek-lower-panama-canal-fees.md) | +0.4% | -6.1% |
| SOY | 2023-12-11 | [Panama Canal drought to delay grain ships well into 2024 \| Reuters](https://feedsoft.ai/events/32462-panama-canal-drought-to-delay-grain-ships-well-into-2024-reuters.md) | +0.9% | -4.8% |
| CORN | 2019-05-06 | [Panama Canal Drought Puts Bullseye on U.S. Gulf Crop Exports -](https://feedsoft.ai/events/58988-panama-canal-drought-puts-bullseye-on-u-s-gulf-crop-exports.md) | -3.2% | +10.5% |
| CORN | 2023-12-30 | [Panama Canal backup forces detours for Asia-bound grain ships \| World Ports Organization](https://feedsoft.ai/events/32463-panama-canal-backup-forces-detours-for-asia-bound-grain-ships-world-ports.md) | -2.0% | -3.6% |
| CORN | 2023-06-24 | [US trade dominates Panama Canal traffic. A drought is threatening it](https://feedsoft.ai/events/35379-us-trade-dominates-panama-canal-traffic-a-drought-is-threatening-it.md) | -8.7% | -0.3% |

## Sources

- freightwaves.com: https://www.freightwaves.com/news/panama-canal-crisis-forces-us-farm-exports-to-detour-through-suez

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