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Mexico's agriculture minister said the country will rework its GM corn decree after it drew criticism and threats of legal action from the United States. In November, US Agriculture Secretary Tom Vilsack said the US could consider steps under the USMCA trade pact.
About 18% to 20% of the corn Mexico imports from the US is white corn used for food.
The threatened USMCA challenge puts roughly 17 million tonnes of annual US corn imports at risk. A ban on GM corn would be bearish for US corn export demand and prices.
reuters.comAdriana BarreraDec 7, 2022After 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.
