Mexico reiterates it will ban GMO corn in 2024

Corn and soybeans were slightly lower overnight and bounced off the lows when the CPI inflation numbers were lower than expected. This is just one reading and will need to see it continue to soften. This has sent the UDS lower and stocks and crude higher. So this will be supportive if the USD stays below 109.00. The USDA bumped both corn and soybean yields by a few tenths yesterday but increased domestic usage for both so overall carryout did not grow much. The export numbers will have to be lowered at some point by the January report, especially for corn, but they chose not to do it yesterday. In other bearish corn demand news, Mexico’s President Obrador reiterated their stance on switching to non-GMO corn starting in 2024. Mexico has been a top two US corn importer for a long time and that is a lot of non-GMO corn for them to contract by 2024 so it looks to be an ongoing story. For today, 6.60 & 14.35 for support and 6.92 & 14.60 for resistance. Export sales were not great this week in the grains. NFC Grain Comments Options -11.10.22

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