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Mexico imported a record 37.44 million tonnes of grains and oilseeds in the first 11 months of 2023, up 8.8% year on year, according to GCMA. Corn imports reached a record 18.2 million tonnes, and wheat, barley, oats and canola imports also rose.
Drought affecting much of the country drove the increase, and analysts expect record imports again in 2024.
Drought-driven import demand from Mexico supports prices for corn, wheat and barley, and Mexico's structural shortfall should keep buying strong into 2024.
mexiconewsdaily.comMND StaffDec 28, 2023After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
Not enough comparable past events yet for a historical read.
After 68 past bullish weather events, Oats moved a median -0.8% over 5 sessions (47% higher; middle half -3.6% to +3.9%), and -0.3% 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.
