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The US reopened two rail crossings into Mexico on December 22, 2023, after closing them to curb migration. Grower groups estimated nearly 1 million bushels of grain exports were lost each day of the closure.
Mexico is a major buyer of US corn, wheat and soybeans, so the reopening restores a key export outlet and eases pressure on US cash prices.
reuters.comDavid ShepardsonDec 22, 2023After 285 past bullish logistics events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.5% to +1.5%), and +0.8% over 20.
After 283 past bullish logistics events, Wheat (SRW) moved a median -0.2% over 5 sessions (46% higher; middle half -1.4% to +1.3%), and -0.1% over 20.
After 206 past bullish logistics events, Soybeans moved a median +0.5% over 5 sessions (56% higher; middle half -1.3% to +2.6%), and +1.4% over 20.
After 21 past bullish logistics events, Rough Rice moved a median -0.5% over 5 sessions (38% higher; middle half -2.0% to +1.8%), and +3.6% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Reopening of the Mexico rail crossings removed a demand and export disruption that had pressured corn, enabling a rebound.
