The long-awaited Panama Canal expansion opened Sunday with a ceremonial ship passing through the waterway. The U.S. grains industry, including the U.S. Grains Council (USGC), has eagerly anticipated the completion of the Canal expansion project since it was announced nearly a decade ago.

“The Canal is a vital trade route for all grains and other agricultural commodities that are shipped from the U.S. Corn Belt to Asia,” said USGC Chairman and Nebraska farmer Alan Tiemann, who attended the ceremony. “In fact, with the completion of this project, it is estimated that the cost to transport grain between those two points will drop.”

This project was the largest expansion for the Canal in nearly a century. The multibillion dollar plan constructed a new set of locks that allowed for the passage of wider, longer and heavier loaded ships.

“The Canal’s expansion and resulting decreases in shipping costs and time will improve competitiveness of U.S. grains in growing markets,” Tiemann said. “This will help U.S. farmers gain access to new markets and continue to expand sales with buyers in our established markets who want more efficient shipments of grain.”

While the exact impact of the Canal’s expansion on the global grain trade remains uncertain, the Canal’s ability to handle Capesize vessels will create greater opportunities for exports.

Members of the U.S. grain trade can make plans to see the expanded Canal next February when the Council showcases it as part of the organization’s 14th International Marketing Conference and 57th Annual Membership Meeting that is scheduled to be held Feb. 13-15, 2017, in Panama City, Panama.

Additional information about the meeting will be available this fall from the Council.

For more information on the expansion project, visit the Panama Canal Authority’s website here.