Panama Canal Expansion Could Help Increase Prospects for U.S. Soy
- General News
The much-anticipated Panama Canal expansion opened on June 28, doubling the waterway’s capacity. The new, larger lane allows more freight to be loaded on each vessel, decreases transit time, and lowers transportation costs overall when compared to the original canal.
Transportation is a key competitive advantage for the U.S. Soy industry.
For international buyers, the timeliness of deliveries matters as much as the price. With its superior transportation system, the U.S. currently has a significant competitive advantage over South American soy suppliers.
The Panama Canal is essential to the movement of U.S. Soy, with 44 percent of total U.S. Soy exports traveling through it. Each year, approximately 600 million bushels of U.S. soybeans move through the canal, which makes soy the top U.S. agricultural commodity using the Panama Canal.