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The USTR announced that the US has requested USMCA dispute settlement consultations with Mexico over its agricultural biotechnology policies. The US says these policies are not based on science and threaten US agricultural exports, and it will work with Mexico through the consultation process.
The release was issued by the USDA Foreign Agricultural Service.
Formal USMCA consultations put Mexico's GM corn restrictions on a dispute track that could cut US corn sales to a key market. Corn prices could come under pressure if the dispute is not resolved quickly.
fas.usda.govJun 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.
