
Congressmen Adrian Smith and Jim Costa led more than 70 members in a letter asking Biden to secure assurances from López Obrador that Mexico will honor the USMCA biotech provisions. The letter says biotech approvals have stalled since 2018, affecting corn, soybeans, canola, cotton and potatoes.
It also notes the planned phase-out of biotech corn for human consumption by 2024.
Continued stalls in biotech approvals put US corn and soybean sales to Mexico at risk, which pressures US feed grain demand and prices.
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.