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Gro Intelligence reports that Mexican corn production for 2017/18 was revised up to 26.8 million tonnes in the February 8 WASDE, from 26.2 million in January. The analysis links the higher domestic output to ongoing NAFTA renegotiations.
A larger Mexican crop means less reliance on imported corn, which is bearish for U.S. corn export demand. The effect is small given the modest revision.
gro-intelligence.comFeb 26, 2018After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% 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.
