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Mexican demand for US grain slumped after Donald Trump's election win as the peso fell to an all-time low against the dollar. Buyers withdrew from the market, after Mexico bought 709,261 tonnes of US corn in the week before the election.
Mexico is the second-largest buyer of Iowa corn, so a sustained drop in purchases weighs on US corn export demand and prices. The peso slump raises import costs and dampens buying.
thegazette.comReutersNov 16, 2016After 683 past bearish trade events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% over 20.
After 803 past bearish trade events, Soybeans moved a median +0.0% over 5 sessions (51% higher; middle half -1.7% to +1.7%), and +0.9% over 20.
Not enough comparable past events yet for a historical read.
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.
