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Mexico's health regulator Cofepris rejected a permit for a new Bayer GMO corn variety tolerant to glyphosate, a decision that was not publicly disclosed at the time. The National Farm Council said seven other GMO corn permits are pending.
Bayer said the rejection violates the USMCA trade pact and is evaluating legal options.
Import rejections and a backlog of pending permits threaten future shipments of U.S. GMO corn to Mexico, which imported more than 16 million tonnes in 2020. This is bearish for U.S. corn export demand.
profarmer.comMeghan VickOct 8, 2021After 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.
