Freight Crisis Sets Stage for Agricultural Trade Disruptions in Latin America

The global freight crisis has significant implications for U.S.-Latin American agricultural trade. In September 2026, the cost of moving crude oil across global markets surged as available supertankers became scarce, forcing refiners and traders to reconsider long-distance supply routes.

The cost increase is substantial: shipping a crude cargo from Houston to Asia now adds $26 per barrel, or about $52 million per cargo, according to Bloomberg. This represents approximately one-quarter of the value of West Texas Intermediate futures.

The development has a direct impact on U.S. agriculture, which relies heavily on export markets. The United States exported about $171 billion in agricultural goods in 2025, with corn leading at $18.55 billion and soybeans reaching $16.2 billion. Mexico was the largest market at $30.63 billion.

However, the tanker crisis highlights the vulnerability of U.S. agriculture to logistics disruptions. Longer voyages and constrained vessel capacity can fundamentally alter the economics of moving commodities between continents.