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The US requested formal USMCA consultations with Mexico over its plan to restrict imports of genetically modified corn, the first step toward a possible dispute panel. USDA also raised global corn production in its March report but increased ending stocks, and corn prices continued to decline during the week.
Risk of Mexican import restrictions on US corn, the largest export market, could cut US export demand, adding pressure to corn prices if the dispute escalates.
tridge.comPauline Fay EnriquezMar 16, 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.
