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Agriculture Secretary Tom Vilsack said on December 15 that the Biden administration is ready to challenge Mexico under USMCA rules unless it revises a decree that would ban GM corn imports from 2024. Two dozen farm-state senators urged USTR Katherine Tai to pursue dispute resolution.
They estimated the ban would shut down 83% of US corn sales to Mexico.
An 83% loss of US corn sales to Mexico would be a major demand shock for US corn exports. The threat of a formal trade challenge raises the risk of a prolonged dispute that could weigh on prices.
agriculture.comChuck AbbottDec 16, 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.
Not enough comparable past events yet for a historical read.
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.
