
Mexican Senator Armando Rios Piter has introduced a bill to replace US corn imports with supplies from Brazil and Argentina, citing a possible 20% import tax. Mexico's CCE business council also said it will seek alternative imported soy, corn and wheat sources amid NAFTA renegotiation concerns.
The article notes that Mexico accounted for over 25% of US corn exports in 2015-2016.
Losing a large share of Mexican demand would weigh on US corn export volumes and prices, with Midwest farm incomes most exposed.
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.
After 803 past bearish trade events, Soybeans moved a median +0.0% over 5 sessions (51% higher; middle half -1.7% to +1.7%), and +0.9% over 20.
After 375 past bearish trade events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -2.0% to +1.1%), and -0.1% 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.