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Banco de México said it will gradually reduce its FX hedge program, which holds about $7.5 billion in outstanding positions, starting in September. The peso fell after the announcement, which was read as a signal that the central bank may tolerate less peso strength.
A weaker peso raises the USD cost of Mexican feed imports and can make Mexican buyers less price-sensitive to US corn and soymeal, so the move matters for feed import costs.
bloomberglinea.comCarolina Wilson, Carolina GonzalezSep 1, 2023Not 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.
