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Mexico said it will contest a US dispute over its GM corn restrictions after formal consultations under USMCA failed to resolve the issue. A new decree removed the deadline for banning GM corn used in animal feed and industrial applications, which accounts for most of Mexico's roughly $5 billion in US corn imports.
The decree still bans GM corn in dough and tortillas.
Mexico is the largest outside buyer of US corn, so a prolonged dispute raises the risk of lost export demand and weaker US corn prices. Feed buyers should watch for panel progress and any change to the feed-corn exemption.
reuters.comCassandra GarrisonJun 2, 2023After 683 past bearish trade events, CORN moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), 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.
