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The USTR's 18-page negotiating summary for NAFTA renegotiation lists maintaining duty-free access for U.S. agricultural exports to Mexico and Canada as a key objective, with U.S. ag exports to Mexico worth about $19 billion annually. China approved two more GMO products, Syngenta's Agrisure Duracade corn and Monsanto's Roundup Ready corn, leaving four applications pending.
Preserving duty-free access protects a major export outlet for corn, soybeans and livestock products, supporting U.S. demand. China's GMO approvals ease a trade barrier for U.S. corn exports, modestly supportive for corn prices.
aginfo.netJul 24, 2017After 729 past bullish trade events, Corn moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), and +0.5% over 20.
After 250 past neutral trade events, Soybeans moved a median +0.0% over 5 sessions (50% higher; middle half -1.4% to +1.6%), 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.
