
The USMCA trade agreement took effect on July 1, 2020, replacing NAFTA. Side letters cover items such as wine distribution in British Columbia, cheese names and whiskey sales, and the deal opens new dairy export avenues to Canada.
Dairy access to Canada and pressure on Mexico to accept biotech crops could support US milk and feed-grain demand, though most provisions are minor for feed buyers.
After 41 past bullish trade events, Milk (Class III) moved a median -0.1% over 5 sessions (49% higher; middle half -1.3% to +8.1%), and +1.1% over 20.
After 480 past neutral trade events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.