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New US tariffs on Chinese and Mexican imports are set to take effect, with a 25pc tariff on Mexico and a 10pc tariff on China from 1 February. China and Mexico together took 48pc of US corn exports and 61pc of US soybean exports since 2019, and undelivered Chinese soybean and Mexican corn and soybean purchases are at risk of cancellation.
Retaliatory tariffs could cut sales to the two largest buyers of US corn and soybeans, pressuring US prices and widening basis. Heavy pre-tariff shipments have so far cushioned the impact.
argusmedia.comRyan KooryMar 25, 2024After 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.
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.
