The Panama Canal is a hugely important shortcut for grain transportation. For proper operation, a man-made lake helps fill the locks. But 2023 was the driest year in a century, so water levels and availability have drastically dropped. Wait times have grown longer, and costs to pass through the canal have increased, too. One of the largest ocean shippers recently paid a $900,000 premium bid, on top of the usual $400,000 fee, to pass through. The drought will likely impact America’s grain exports for the next several months.