Loading…
Mexican feed mills and elevators are increasingly importing corn from South America, arriving by sea rather than by rail from the US. Grupo Gramosa in Queretaro still receives about five or six trains a month of mostly US yellow corn, with about 60,000 tonnes per train.
Executives also expressed doubts about the US push to renegotiate NAFTA.
Growing use of South American corn in Mexico would reduce demand for US corn over time, which is bearish for US export prices. The shift is still small compared with rail volumes from the US.
agweb.comClinton GriffithsNov 17, 2020After 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.
