Returning from a recent trip to the Panama Canal, an Indiana farmer says drought in Central America continues to impact global trade. Carey McKibben told Brownfield Ag News that the lower water levels are slowing business with some of the United States’ largest trade partners.
The slowdown is impacting both imports and exports since domestic producers export a lot of corn and soybeans to Peru and Chile. And, in return, those countries send fruits, vegetables, and aquaculture back to the U.S.
This year is the second-driest year on record in the Canal’s history and ultimately became the first year to require trade restrictions due to extremely low water levels.
Currently, only 22 ships are allowed to pass through the waterway each day. The Panama Canal Authority is set to increase that number to 24 on January 16 if weather conditions are favorable.
China still has a long way to go before it meets its commitment to buy 12 million metric tons of U.S. soybeans this year.
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ARC-CO delivers the bulk of 2024 support, offering key margin relief as producers manage tight operating conditions.
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USMEF’s Jay Theiler discusses his leadership role in representing U.S. beef and pork and provides an update on this week’s conference in Indianapolis.
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USDA released the November WASDE Report on Friday, the first supply-and-demand estimate to drop since September, just before the 43-day government shutdown.
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