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Mexican imports of U.S. soybean meal fell 15% in the first four months of 2017, the first decline for that period in four years, according to USDA data. U.S. chicken meat shipments dropped 11% and corn exports to Mexico fell 6%.
Mexico is the largest U.S. export market for these feed ingredients, so lost volume to Brazilian chicken and South American corn pressures U.S. feed demand and export basis.
wsj.comJacob BungeJun 16, 2017After 384 past bearish trade events, Soybean Meal moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and -0.5% over 20.
After 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.
Not enough comparable past events yet for a historical read.
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.
