
Mexican Economy Minister Marcelo Ebrard reports that the US declined to automatically extend USMCA for 16 years, keeping the agreement's term to 2036 with annual reviews starting July 20. He says the change alters review frequency and does not threaten the treaty's validity.
Annual review uncertainty could weigh on Mexico's grain and feed import planning, a major outlet for US corn, soybean meal and other feed ingredients.
After 439 past neutral policy events, Corn moved a median +0.1% over 5 sessions (51% higher; middle half -1.3% to +1.2%), and +1.1% over 20.
After 206 past neutral policy events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.3% to +1.8%), and -0.7% 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.