
A bipartisan group of 70 lawmakers led by Reps. Adrian Smith and Jim Costa urged President Biden to force Mexico to comply with the biotech provisions of the USMCA.
They said Mexico has stalled biotech permit approvals. They also cited President López Obrador's plan to phase out certain agricultural biotech, including biotech corn for human consumption, by 2024.
Stalled approvals and a planned phase-out threaten a major export market for US corn and soybeans, which adds downside risk to US feed grain and soybean export demand.
After 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.
After 803 past bearish trade events, Soybeans moved a median +0.0% over 5 sessions (51% higher; middle half -1.7% to +1.7%), and +0.9% 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.