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Customs and Border Protection suspended operations at the Eagle Pass and El Paso rail crossings to Mexico, and the closure continued for a second day. Grain and oilseed groups, including NGFA, NAEGA and the American Association of Railroads, asked for an immediate reopening.
NGFA estimated that nearly 1 million bushels of U.S. grain are affected each day the crossings stay shut.
Rail carries most U.S. grain and oilseed exports to Mexico, so the closure leaves cargo stranded and weakens domestic cash grain bids as supply backs up. Mexican feeders could run short of feed if the closure drags on.
agri-pulse.comPhilip BrasherDec 19, 2023After 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.
After 297 past bearish logistics events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.5% to +1.8%), and +0.7% over 20.
After 137 past bearish logistics events, Wheat (SRW) moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.0%), and +0.0% 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.
