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Reuters reports that Mexico, the largest buyer of US corn, is looking to diversify its supplies as US President Donald Trump threatens trade measures. Mexico's agriculture minister plans to visit Argentina and Brazil to buy yellow corn.
US corn trades about $10 to $15 per tonne below South American cargoes delivered to Mexico.
If Mexico shifts purchases to South America, US corn export demand could fall at a time when record stocks already weigh on prices. This is bearish for US corn.
geneticliteracyproject.orgGLP DigitalFeb 23, 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.
