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President López Obrador said Mexico's government cannot buy U.S. yellow corn because it does not want genetically modified corn. He said the U.S. had wanted to sell more yellow corn and Mexico declined.
The remarks came ahead of the planned GM corn ban.
A refusal to buy U.S. yellow corn signals lower Mexican import demand as the ban approaches, which weighs on U.S. corn export prospects. The hard line increased the risk that about half of Mexico's yellow corn imports will be lost.
reuters.comNov 9, 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.
