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Fitch downgraded Mexico's sovereign rating from BBB+ to BBB, citing Pemex's weak credit and trade tensions, while Moody's cut its outlook to negative. The peso fell about 1.3% to just above 19.5 per dollar.
A weaker peso and tighter fiscal conditions raise Mexico's cost of imported feed grains and reduce purchasing power, which can soften demand for US corn and soymeal.
mexiconewsdaily.comMND StaffJun 6, 2019Not enough comparable past events yet for a historical read.
After 301 past bearish macro events, Corn moved a median -0.1% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +0.2% 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.
