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Mexico issued a decree stating it will revoke and refrain from granting permits for the release of genetically modified corn seeds into the environment, and mandated the phase-out of GMO corn imports by 2024. Mexico's farm lobby criticized the ban, while organic growers welcomed it.
The decree was issued on a Thursday evening, reported as of January 2.
A mandated phase-out of GMO corn imports threatens a major export market for US corn and is bearish for CORN. Opposition from Mexican farm groups suggests the rules could be softened, which limits the price impact.
reuters.comLaura GottesdienerJan 2, 2021After 310 past bearish policy events, Corn moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.6% 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.
