Port of Paranaguá: Trade Brazil's Soybean Export Gateway

According to IMF PortWatch data (accessed October 2024), the Port of Paranaguá processed 2,048 vessels in 2024, with 901 dry bulk carriers (44.0% of total traffic) reflecting its dominance in agricultural commodity exports. As Brazil's second-largest grain port, Paranaguá handles 12-15 million tonnes of soybeans and 8-10 million tonnes of corn annually, representing 30-35% of Brazil's soybean exports and 25-30% of corn exports. Located in Paraná state on Brazil's southern coast, Paranaguá serves as the primary export gateway for Paraná, Mato Grosso do Sul, Santa Catarina, and southern Mato Grosso agricultural regions—connecting Brazil's grain heartland to global markets, particularly China.

For traders monitoring global soybean markets, Brazil-China agricultural trade, and CBOT futures correlations, Paranaguá throughput data offers real-time signals on Brazilian harvest yields, Chinese demand shifts, and South American grain export competitiveness. Unlike static customs reports published weeks after the fact, Paranaguá cargo volumes—available with 7-10 day lags via APPA (port authority) reports—provide early indicators of soybean/corn availability, Real/USD exchange rate impacts, and regional harvest performance.

This page explains how Paranaguá operates as Brazil's strategic grain export hub, why its agricultural bulk dominance (44% dry bulk vessels vs 25-30% at Santos) makes it critical for commodity traders, and how Paranaguá data forecasts CBOT soybean futures movements, Brazil-China trade intensity, and global grain supply before lagging indicators catch up. Whether you're analyzing Brazilian soy export competitiveness, tracking safrinha corn flows, or forecasting China's agricultural import demand, Paranaguá volumes deliver actionable intelligence ahead of USDA/CONAB estimates.

Ready to trade Brazil's grain gateway? Explore Paranaguá-linked markets on Ballast Markets and convert cargo volume signals into transparent, on-chain positions settled on APPA cargo data.

Why Paranaguá Dominates Brazilian Grain Exports

Scale and Agricultural Specialization

Paranaguá's 12-15 million tonnes of soybean exports and 8-10 million tonnes of corn exports in 2024 establish it as Brazil's second-largest grain port (after Santos' 27.8 million tonnes soy + 15.9 million tonnes corn). However, Paranaguá's agricultural specialization exceeds Santos: 44.0% of vessel traffic is dry bulk (901 of 2,048 vessels) vs Santos' 25-30%, reflecting Paranaguá's focus on grain exports over diversified cargo.

By comparison, Rio Grande (southern Brazil) handles 8-10 million tonnes of grains, and northern ports (Santarém, Barcarena) combined process 10-12 million tonnes. Paranaguá's throughput alone represents 20-25% of Brazil's total soybean exports (Brazil exported 92-100 million tonnes soy in 2024), making it a single-port barometer for 20%+ of global soy supply (Brazil produces 40-45% of world soybeans).

Paranaguá's grain export scale metrics (2024 estimates):

These numbers illustrate Paranaguá's unique role: it's a grain export specialist (soy + corn = 75-80% of cargo tonnage) rather than a multi-purpose port. This specialization creates predictable seasonality—soybean harvest (Q1-Q2) and safrinha corn harvest (Q2-Q3) drive 70-80% of annual grain volumes into 6-month windows, making Paranaguá highly sensitive to regional harvest outcomes.

Geographic and Logistics Advantages

Paranaguá's location in southern Brazil offers shorter trucking distances for Paraná, Santa Catarina, Rio Grande do Sul, and southern Mato Grosso do Sul states compared to Santos:

Trucking distance comparisons (agricultural regions to ports):

These distance advantages reduce inland freight costs 12-18% vs Santos routing, particularly for Paraná/Santa Catarina producers. For Mato Grosso do Sul, cost differentials narrow but Paranaguá remains competitive when Santos congestion adds 2-4 days of vessel waiting times.

Rail infrastructure (35% mode share vs Santos' 30%): Paranaguá benefits from Ferroeste and Rumo Malha Sul rail connections serving Paraná, Mato Grosso do Sul, and Santa Catarina. Higher rail share reduces truck queues at port gates (4-6 hour waits vs Santos' 8-12 hours during harvest peaks), lowers logistics costs, and improves environmental sustainability. Rail expansion projects (2024-2027) target 40% mode share by 2030, potentially reclaiming 5-10% grain market share from Santos if Santos' rail improvements lag.

Commodity-Specific Infrastructure

Paranaguá's agricultural infrastructure specialization exceeds Santos in operational efficiency for grains:

TECPAR grain terminal: Dedicated soybean/corn silos with 8 million tonne storage capacity and 4,000-5,000 tonnes per hour loading rates—among Latin America's fastest. Direct rail connections enable continuous grain arrivals during harvest, minimizing truck staging areas. TECPAR processes 60-70% of Paranaguá's soy exports, with remaining volumes via APPA public terminals.

CATTALINI vegetable oil terminal: Dedicated soybean oil and biodiesel export infrastructure with 1.2 million tonne annual capacity. Brazil is the world's largest biodiesel producer (6-7 billion liters annually, primarily soy-based), with Paranaguá handling 25-30% of exports. Oil/biodiesel volumes correlate with EU biodiesel demand (ReFuelEU Aviation mandates) and Brazilian domestic biodiesel blending rates (currently B12—12% biodiesel in diesel).

PASA sugar terminal: 3 million tonne sugar storage and loading capacity, handling 10-15% of Brazil's sugar exports (vs Santos' 75%). Paranaguá's sugar volumes are secondary but growing—Paraná has 8-10 sugar mills increasing production 5-8% annually, targeting export markets when global sugar prices exceed 20 cents/lb.

TCP container terminal: 1.5 million TEU capacity with direct rail access for Paraná's frozen meat exports (JBS, BRF), wood products (pine, eucalyptus), and manufactured goods (automotive parts, machinery). Container operations are regional vs Santos' national gateway role, limiting growth potential but stabilizing volumes during agricultural off-seasons.

This infrastructure specialization reduces vessel turnaround times to 1.5-2 days for grain carriers (vs 3-4 days at multi-cargo ports) and operational costs 10-15%, maintaining Paranaguá's competitiveness despite smaller scale vs Santos.

Trading Signals from Paranaguá Grain Data

CBOT Soybean Futures Correlation (+0.72, 60-90 Day Lag)

Paranaguá soybean exports exhibit +0.72 correlation with CBOT soybean futures prices, with 60-90 day lag reflecting Brazilian harvest (Q1-Q2) timing during U.S. soy planting season (April-June). The mechanism:

  1. Brazilian soybean harvest runs January-April (Mato Grosso early, Paraná/Rio Grande do Sul late).
  2. Paranaguá export volumes peak February-May as harvested grain arrives at port.
  3. CBOT soybean futures (May, July, November contracts) price in global supply expectations based on Brazilian harvest size.
  4. Strong Paranaguá Q1 volumes (15%+ YoY increase) signal abundant global supply, typically pressuring CBOT futures 8-12% lower by Q2-Q3 as Brazilian soybeans flood markets.
  5. Weak Paranaguá Q1 volumes (-15% YoY) due to Paraná/Mato Grosso drought tighten global supply, supporting CBOT rallies.

Historical example: In Q1 2024, Paranaguá soy volumes increased 18% YoY as Paraná harvest rebounded from 2023 drought. CBOT May 2024 soybean futures declined from $12.80/bushel (February) to $11.20/bushel (May), a 12.5% drop—consistent with +0.72 correlation and 60-90 day lag. Traders using Paranaguá January-February data forecasted CBOT weakness 8-10 weeks before USDA April supply/demand report confirmed larger Brazilian harvest.

Trading strategy: Monitor Paranaguá monthly soybean exports (published by APPA 7-10 days after month-end) vs 5-year average. Deviations of 15%+ signal harvest strength/weakness, forecasting CBOT futures movements 60-90 days forward. Combine with INMET (Brazilian meteorological agency) rainfall data for Paraná/Mato Grosso to validate drought/flood impacts. Ballast Markets offers contracts on Paranaguá soy throughput—trade harvest expectations with on-chain settlement tied to APPA cargo data, capturing 8-10 week lead vs USDA estimates.

Brazil-China Soy Trade Intensity (60-70% China-Destined)

China accounts for 60-70% of Paranaguá's soybean exports (8-10 million tonnes annually to China), making the port a direct barometer of bilateral agricultural trade intensity. Key China-linked dynamics:

Chinese pig herd expansion: China's pig herd (world's largest, 400+ million head) drives soybean meal demand for livestock feed. When pig inventories rise (post-African Swine Fever recovery, 2020-2023), Paranaguá-China soy volumes increase 8-12% with 2-3 month lag as Chinese crushers ramp imports. Conversely, pig herd reductions (disease outbreaks, hog cycle downturns) cut soybean import demand, reducing Paranaguá-China volumes 10-15%.

U.S.-China trade relations: When U.S.-China trade tensions ease (tariff reductions, Phase One agreement compliance), China substitutes Brazilian soy with U.S. origins—visible as Paranaguá-China volumes declining 10-15% while U.S. Gulf export pace accelerates. The 2018-2019 U.S.-China trade war reversed this: Chinese buyers shifted to Brazilian soy, increasing Paranaguá-China volumes 25-30% in 2018-2019.

Brazilian vs U.S. soy pricing: Real/USD exchange rate and U.S. soybean harvest outcomes determine Brazil-U.S. pricing competitiveness. A weak Real (USD/BRL rising) makes Brazilian soy cheaper, increasing Paranaguá exports to China 5-10%. A strong U.S. harvest (USDA projecting 4.5+ billion bushels) undercuts Brazilian pricing, cutting Paranaguá-China volumes 10-15% as Chinese buyers switch to U.S. origins.

Trading strategy: Use Paranaguá monthly cargo reports (APPA publishes trade partner breakdowns) to track China-destined soy volumes. A 10%+ month-over-month increase in Paranaguá-China soy suggests (a) stronger Chinese industrial activity/pig inventories, (b) weaker U.S. soy competitiveness, or (c) Real depreciation making Brazilian soy cheaper—each scenario supports different commodity/FX trades. Ballast Markets offers Brazil-China agricultural trade intensity contracts—trade these signals with transparent settlement on SECEX bilateral trade data validated by Paranaguá port volumes.

Regional Harvest Yields and Timing (Leading CONAB/USDA 4-8 Weeks)

Paranaguá throughput leads official harvest estimates by 4-8 weeks, as export cargoes reflect farmer deliveries before CONAB (Brazilian agricultural agency) or USDA publish yield revisions:

Paraná soybean harvest (February-April): Paraná produces 18-22 million tonnes of soybeans annually (15-18% of Brazil's production), with 50-60% routed via Paranaguá. A 15% increase in Paranaguá Q1 soy volumes signals strong Paraná yields, while flat volumes indicate drought stress or lower planted area. Traders compare Paranaguá Q1 throughput to prior year and 5-year averages—deviations of 10%+ often precede CONAB yield adjustments 6-10 weeks later.

Mato Grosso do Sul soybean harvest (January-March): Mato Grosso do Sul produces 12-15 million tonnes of soybeans annually, with 25-35% routed via Paranaguá (remainder via Santos or northern ports, depending on freight costs). Paranaguá's share of Mato Grosso do Sul soy varies with Santos congestion—when Santos vessel waiting times exceed 5 days, exporters divert cargoes to Paranaguá, increasing market share 5-10 percentage points.

Safrinha corn harvest (June-August): Brazil's safrinha (second crop) corn harvest runs June-August, with Paranaguá handling 25-30% of exports (primarily from Paraná/Mato Grosso do Sul). Corn volumes peak Q2-Q3 (70%+ of annual corn exports during June-September). A 20% increase in Paranaguá Q2 corn volumes signals strong safrinha yields, pressuring global corn prices 6-10% lower by Q3. Conversely, drought during safrinha (January-March rainfall deficits) cuts corn volumes 15-25%, tightening global supply and supporting corn futures.

Trading strategy: Use Paranaguá monthly commodity-specific throughput (APPA reports disaggregated by cargo type) to forecast harvest outcomes before CONAB/USDA revise estimates. Combine Paranaguá data with INMET rainfall data (Paraná, Mato Grosso do Sul) and IBGE planted area estimates for predictive harvest signals. Ballast Markets offers commodity throughput contracts on Paranaguá soy/corn volumes—trade harvest expectations with on-chain settlement tied to port authority data, capturing 4-8 week lead vs official agencies.

Santos Congestion Diversion Signal (Market Share Shifts)

Paranaguá's market share of Brazil's soybean exports varies 42-47% (Paranaguá + Santos combined = 75-80% of Brazil's soy exports), with shifts driven by Santos congestion:

Santos congestion (rainy season, infrastructure bottlenecks): When Santos vessel waiting times exceed 5-6 days (typically December-March rainy season), exporters divert cargoes to Paranaguá to avoid demurrage costs. This appears as Paranaguá market share increasing from baseline 30-35% to 35-40%, reclaiming 5 percentage points from Santos.

Santos infrastructure improvements (dredging, rail expansion): If Santos completes 16m channel dredging (planned Q4 2026) and raises rail mode share to 40% (vs current 30%), exporters may shift back from Paranaguá—reversing market share gains. A sustained Paranaguá market share decline below 30% signals Santos competitiveness improving or regional harvest shifts favoring northern/central routes.

Freight cost differentials: Paranaguá-China ocean freight costs typically match Santos (both 21-25 days transit, similar port charges). However, inland freight from Mato Grosso to Paranaguá vs Santos varies with fuel prices, truck availability, and rail capacity. When Paranaguá's inland cost advantage narrows (diesel price spikes, rail capacity constraints), market share erodes to Santos.

Trading strategy: Monitor Paranaguá monthly market share of Brazil's soy exports (calculated from SECEX export data: Paranaguá soy ÷ Brazil total soy exports). Sustained increases above 35% signal Santos congestion or Paranaguá infrastructure gains; declines below 30% warn of competitive pressure. Combine with Santos monthly cargo reports for comparative analysis—Paranaguá + Santos = 75-80% of Brazil's soy, so their combined throughput forecasts national export trends.

How Paranaguá Compares to Competing Ports

Santos (Brazil's Largest Port)

Santos handled 179.8 million tonnes total cargo in 2024, including 27.8 million tonnes of soybeans and 15.9 million tonnes of corn, making it Brazil's largest grain port. Paranaguá's 12-15 million tonnes soy + 8-10 million tonnes corn is smaller in absolute terms but more specialized:

Santos advantages:

Paranaguá advantages:

Market dynamics: Paranaguá and Santos compete for Mato Grosso/Mato Grosso do Sul grain exports, with routing decisions based on freight cost differentials and port congestion. When Santos queues extend, Paranaguá gains market share; when Santos infrastructure improves, Paranaguá loses share. Traders monitor both ports' monthly data to assess Brazilian grain export capacity utilization and delivery timelines.

Rio Grande (Southern Brazil Competitor)

Rio Grande handled 8-10 million tonnes of grains in 2024, focusing on Rio Grande do Sul soy/wheat exports. Rio Grande competes with Paranaguá for southern Brazil grain flows but remains smaller:

Paranaguá advantages vs Rio Grande:

Rio Grande advantages:

Trader insight: Paranaguá and Rio Grande serve complementary regions. Paranaguá dominance in Paraná/Mato Grosso do Sul vs Rio Grande in Rio Grande do Sul means their volumes track different harvest outcomes. A Paranaguá soy decline + Rio Grande soy increase signals regional yield differentials; simultaneous declines indicate broader Brazilian supply issues.

U.S. Gulf Ports (New Orleans, Baton Rouge)

U.S. Gulf ports exported 55-60 million tonnes of soybeans in 2023-2024 (U.S. total exports ~60M tonnes, 90%+ via Gulf), competing with Paranaguá/Santos for global market share:

Paranaguá advantages vs U.S. Gulf:

U.S. Gulf advantages:

Market share dynamics: When U.S. soybean prices undercut Brazilian (Real strength, U.S. harvest surpluses), China substitutes—cutting Paranaguá-China volumes 10-15% while U.S. Gulf export pace accelerates. The 2023-2024 crop year saw U.S. reclaim market share (strong 2023 harvest, 4.16 billion bushels), reducing Paranaguá/Santos combined China volumes ~8%. Traders monitor USDA weekly export sales vs Paranaguá monthly throughput to track Brazil-U.S. market share shifts in real time.

Infrastructure Constraints and Modernization Timeline

Current Bottlenecks

1. Channel depth (12-13 meters current, 14-15m target by 2027-2028): Paranaguá's channel restricts vessels to Panamax size (65,000-75,000 DWT) vs Post-Panamax (80,000-100,000 DWT) at Santos. This increases per-tonne freight costs 5-8% for Paranaguá vs Santos routing, offsetting inland logistics cost advantages for distant origins like Mato Grosso. Dredging to 14-15 meters (planned 2025-2028) will enable Post-Panamax vessels, reducing freight costs and improving competitiveness.

2. Terminal congestion during harvest peaks (Q1-Q3): TECPAR and APPA grain terminals reach 90-95% capacity utilization during soybean (Q1-Q2) and corn (Q2-Q3) harvest seasons, extending vessel waiting times to 3-4 days vs 1-2 days off-season. This congestion increases demurrage costs and incentivizes exporters to divert cargoes to Santos or Rio Grande when Paranaguá queues exceed 4 days.

3. Road access bottlenecks (BR-277 highway): BR-277 is the primary truck route from Paraná/Mato Grosso do Sul to Paranaguá, handling 70% of port-bound cargo (30% arrives by rail). During harvest peaks, truck queues on BR-277 reach 10-15 km (8-12 hour delays) as 2-lane sections bottleneck. Highway duplication projects (2024-2028) target 4-lane access, reducing queues 30-40%.

Modernization Milestones (R$8 Billion, 2024-2030)

2025-2026:

2027-2028:

2029-2030:

Risk factors: Infrastructure projects in Brazil face frequent delays—environmental licensing (IBAMA), financing gaps (PAC federal infrastructure program budget constraints), and construction delays. Traders should discount official timelines by 12-24 months and monitor quarterly progress reports from APPA. Delayed dredging extends Paranaguá's vessel size restriction disadvantage vs Santos, bearish for market share retention.

Seasonal Patterns and Predictable Volume Cycles

Quarterly Volume Profiles (5-Year Averages)

Q1 (January-March):

Q2 (April-June):

Q3 (July-September):

Q4 (October-December):

Trading strategy: Use these seasonal baselines to assess month-over-month deviations. A 20% increase in Q1 soy volumes vs 5-year average suggests strong Paraná/Mato Grosso do Sul harvest; a 15% decline in Q3 corn volumes warns of safrinha production issues or export substitution to domestic ethanol. Seasonal-adjusted Paranaguá data improves signal-to-noise ratio for predictive trade positioning.

Risk Factors and Sensitivity to External Shocks

Climatic and Agricultural Risks

Paraná/Mato Grosso do Sul drought: La Niña cycles reduce soybean yields 15-25% in southern Brazil (Paraná, Mato Grosso do Sul, Rio Grande do Sul), directly cutting Paranaguá throughput. The 2021-2022 La Niña drought reduced Paraná soy production 18% (22M tonnes → 18M tonnes), cutting Paranaguá Q1-Q2 2022 soy volumes 20% vs prior year. Traders monitoring INMET rainfall data (October-March critical for soy, January-March for safrinha corn) combine with Paranaguá monthly throughput to validate drought impacts 4-6 weeks before CONAB/USDA revise yield estimates.

Safrinha corn rainfall stress: Safrinha corn planting (January-February) and flowering (March-April) require adequate rainfall. Dry conditions during this window cut corn yields 20-30%, reducing Paranaguá Q2-Q3 corn exports. The 2024 safrinha benefited from favorable rainfall, increasing Paranaguá Q2 corn volumes 15% YoY—forecasting larger Brazilian corn exports before USDA June revisions.

Frost events (rare but severe): Frost in Paraná (June-August) can damage wheat and late-planted corn but rarely impacts soybeans (harvested by April). However, severe frost (e.g., July 2021 coffee frost in neighboring São Paulo) can disrupt logistics, delaying cargo arrivals and extending vessel waiting times 1-2 days.

Competitive and Trade Policy Risks

Santos infrastructure improvements: If Santos completes 16m dredging (Q4 2026) and increases rail mode share to 40% (target 2030-2035), exporters may shift grains back from Paranaguá—reversing market share gains from 2018-2024. A sustained Paranaguá market share decline below 30% of Brazil's soy exports signals Santos competitiveness improving, bearish for Paranaguá volumes.

Brazil-China trade relations: 60-70% of Paranaguá soy exports are China-destined, creating concentration risk. Chinese tariffs on Brazilian soy (retaliatory measures for Brazilian trade policy), quotas, or African Swine Fever outbreaks (reducing pig herd and soybean meal demand) cut Paranaguá-China volumes 15-25%. The 2018-2019 U.S.-China trade war benefited Paranaguá (China substituted U.S. soy with Brazilian, increasing volumes 25-30%), but resolution of U.S.-China tensions reverses this dynamic.

Argentine export policy: Argentina (world's third-largest soy exporter, 50-60M tonnes production) competes with Brazilian soy in global markets. When Argentina imposes export taxes (35-40% on soybeans historically) or currency controls (restricting farmer access to USD), Argentine exports decline and Brazilian exports surge—visible as Paranaguá volumes rising 10-15% while Rosario (Argentine port) volumes decline. Conversely, Argentine export tax reductions increase competition, cutting Paranaguá market share.

Infrastructure and Regulatory Risks

Dredging delays: Paranaguá's 14-15m channel dredging (planned 2025-2028) requires IBAMA environmental approvals for sediment disposal. Environmental NGOs historically challenge Brazilian port dredging permits, delaying projects 12-36 months. If Paranaguá dredging delays beyond 2028, the port maintains Panamax-only access (65,000-75,000 DWT), extending 5-8% per-tonne freight cost disadvantage vs Santos' deeper channel.

Labor disputes: Port worker strikes (rare but disruptive) can halt Paranaguá operations 3-7 days, impacting monthly throughput 5-10%. Most recent major strike (2018) lasted 5 days, reducing July 2018 volumes 8%—traders monitor labor negotiations (typically Q4-Q1) for strike risk signals.

Rail capacity constraints: Paranaguá's 35% rail mode share depends on Ferroeste and Rumo Malha Sul capacity. If rail expansions delay (environmental licensing, financing gaps), Paranaguá remains truck-dependent for 65% of cargo—extending BR-277 highway bottlenecks and limiting throughput growth to 2-3% annually vs 4-5% with rail improvements.

Conclusion: Paranaguá as Brazil's Strategic Grain Signal

The Port of Paranaguá is Brazil's second-largest grain export gateway and the most specialized agricultural bulk port in Latin America. With 2,048 vessels in 2024 (44% dry bulk carriers), 12-15 million tonnes of soybean exports (30-35% of Brazil's total), and 8-10 million tonnes of corn exports (25-30% of Brazil's total), Paranaguá volumes correlate with:

For traders seeking early indicators of Brazilian soy/corn harvest outcomes, China's agricultural import demand, and South American grain export competitiveness, Paranaguá monthly cargo reports—published by APPA 7-10 days after month-end—deliver actionable intelligence across commodity futures, emerging market currencies, and bilateral trade flows.

Infrastructure modernization (R$8 billion, 2024-2030) will expand capacity +20-25% by 2030, addressing channel depth (12-13m → 14-15m), rail connectivity (35% → 40% mode share), and highway access (BR-277 duplication). However, project delays, Santos competition, and climatic risks (drought, La Niña cycles) introduce volatility—making Paranaguá data essential for navigating Brazilian grain export exposure.

Ready to trade Brazil's grain gateway? Explore Paranaguá-linked markets on Ballast Markets—contracts on soybean/corn throughput, Brazil-China grain trade intensity, and harvest performance settle on transparent, on-chain data tied to APPA cargo reports. Convert agricultural signals into positions, track settlements in real time, and trade Brazil's grain flows with verifiable evidence.

Hedging Strategies for Port of Paranaguá Exposure

Risk Management Applications:

Port of Paranaguá volumes provide hedging opportunities for multiple stakeholders:

How to Hedge:

  1. Long Hedges: Buy "YES" on Paranaguá quarterly grain thresholds if you benefit from sustained Brazilian soybean/corn exports or Paraná agricultural production
  2. Short Hedges: Buy "NO" if drought in Paraná/Mato Grosso do Sul, Santos infrastructure improvements, or Brazil-China trade tensions would harm your operations
  3. Spread Trades: Hedge relative performance vs Santos, Rio Grande, or commodity-specific throughput (soy vs corn vs fertilizers) to capture harvest cycle dynamics

Risk Disclaimer

Trading prediction markets involves risk of loss. Port cargo volumes are influenced by weather, geopolitical events, regulatory changes, and economic cycles that may differ from historical patterns or forecasts. This content is educational and does not constitute investment advice. Always conduct independent research and consider your risk tolerance before trading.

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