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USDA projects Mexico's 2022-23 corn imports will fall 4% to 17.4 million tonnes, after a January tariff on corn exports and a February decree restricting GM corn in tortillas. USDA expects imports to rise 3% in 2023-24, led by livestock and starch demand.
Lower Mexican imports this year trim demand for US corn, but the projected recovery in 2023-24 supports feed demand. The net effect on corn prices is modestly bearish.
world-grain.comArvin DonleyMar 24, 2023After 1,102 past bearish report events, CORN moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), 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.
