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The USDA Grain Transportation Report of August 8, 2024 says over two dozen agricultural trade groups told federal officials that Ferromex rail capacity problems in Mexico are hindering US farm exports. Ferromex has imposed embargoes since late 2023 that limit permitted grain service through the Eagle Pass and El Paso crossings.
Grain inspections to Mexico in the first half of 2024 reached 9.6 million metric tons, 37 percent above the prior five-year average.
Rail rationing caps US grain shipments into Mexico, one of the largest buyers of US corn and sorghum, which can leave more supply domestically and weigh on prices.
doi.orgAug 8, 2024After 359 past bearish logistics events, CORN moved a median -0.3% over 5 sessions (44% higher; middle half -1.5% to +1.5%), and -0.5% 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.
