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Mexico's deputy economy minister confirmed talks with Argentina and Brazil to create duty-free corn import arrangements. Mexico currently sources about 98% of its corn from the US, which exports more than $2.5 billion of corn there annually.
Brazil produced 91.5 million tons of corn in 2016 and exports a third of it.
Duty-free South American corn would directly compete with US supplies in Mexico's market, threatening US export volumes and prices.
qz.comChase PurdyMar 27, 2017After 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.
