An ag economist says drought conditions have caused some shipping delays along the Panama Canal.
Allendale’s Greg McBride tells Brownfield the agriculture industry is watching the situation closely. “If we are struggling to get product moved through this area, this could be a reason to see some higher prices,” he said. “It also could be a reason to potentially see some lost exports to competition like Brazil.”
The Panama Canal Authority says drought restrictions are in place with more than 100 ships awaiting transit on both sides of the Canal.