Brazilian farmers in top soybean Mato Grosso, together with the Panama Canal regulator, yesterday signed a letter of intent to increase the use of the waterway connecting the Atlantic and the Pacific. This reduces freight costs.
Since Brazil's ports in the north of the country are transhipping more grain, it makes sense to make more intensive use of the canal and save on transportation to China, for example.
Last year, only about two million tons of soybeans from Brazil were channeled through the Panama Canal. But Brazil exports a total of 60 million tonnes of protein-rich oilseed. From the southern ports of Brazil, the ocean liners are transporting their cargo around the Cape of Good Hope to reach China. Since the shipments from the northern ports were significantly increased, the route through the canal offers itself.
For the route to Yokohama, the shipping companies save up to five days, for example when corn is shipped from northern Brazil to Japan.
Text: HANSA Derivatives Trading GmbH /
