◂ Event Timeline

Apr 28, 2021WEATHERMexico

Mexico's 2020/21 corn outlook endangered by drought fears: GCMA

Mexico set a first-quarter corn import record of 4.22 million mt, with almost all coming from the US. Drought in Sinaloa and Tamaulipas could cut Mexico's 2020/21 domestic corn crop from 27 million mt, and GCMA raised its full-year import estimate to 17.6 million mt.

WHY IT MATTERS

Lower Mexican output and higher import needs support demand for US corn exports, which is bullish for corn prices.

AFFECTSCORN▲

SOURCE
fastmarkets.comJuan Pedro TomasApr 28, 2021

Price reaction & history

CORN▲bullishSO FAR1d -0.8%5d +4.4%20d -7.3%

After 1,465 past bullish weather events, CORN moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.

Dec 4, 2019Drought hits Mexico’s corn outlook, boosting 2020 imports…-3.9%
Feb 15, 2024Drought raises Mexico’s corn import outlook | World Grain+0.3%
Apr 12, 2021US corn outlook 'very concerning' as drought adds to planting woe - Fastmarkets+0.9%
Sep 16, 2024Corn market outlook, supply and cost management challenges - Fastmarkets+1.6%
Dec 2, 2022Argentine Exchange: Early Soy in Core Farm Belt Hit by Drought, Outlook Dry-1.9%

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.

CORN · GP ▸

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