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Mexican buyers imported more than 583,000 metric tonnes of Brazilian corn in 2017, a 970% jump over 2016, according to SIAP data. All of the purchases came in the last four months of the year, after officials explored alternative supplies amid NAFTA uncertainty.
Mexico is on track to buy more Brazilian corn in 2018.
Shifting Mexican corn demand toward Brazil reduces export sales for US corn, which is already weighed down by low prices and South American competition. The trend supports bearish US corn pricing.
pedrazachb.comPedraza Content TeamMar 19, 2018After 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.
