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Mexico says its decree banning GMO corn for food does not violate USMCA, and that its February revision permitting yellow corn for livestock feed removes any basis for a dispute. The Biden administration has requested USMCA technical consultations over the food-use ban, and a formal dispute appears likely.
Mexico takes most US corn exports, mainly yellow feed corn, so escalation toward a USMCA panel raises risk to US corn export demand and basis. Continued uncertainty weighs on US corn prices and export sentiment.
agweb.comMay 31, 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.
