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USDA forecasts record US corn exports to Mexico of 20.6 million tonnes for 2023/24, with inspections already 38% above the five-year average. Drought in Mexico is fueling import demand while Chinese purchases have fallen as Brazil supplies more corn.
Record Mexican demand supports US corn export prices and offsets weaker China buying, tightening the export balance for the current marketing year.
agriculturedive.comSarah ZimmermanMar 11, 2024After 729 past bullish trade events, Corn moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), and +0.5% 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.
