Overnight corn was up 1 while soybeans were down 5 and wheat was down 2.
Mexican lawmakers published a legal order yesterday that will allow the continued import of GMO corn for feed and industrial uses, modifying the previous ruling of a full ban of GMO corn for all purposes by March 2024. Most US corn exports to Mexico are yellow corn for livestock feed use, so this change is significant in easing the recent tensions. The updated guidelines will still ban GMO corn imports used for human consumption; this is essentially entirely white corn. They will also keep the proposed ban on the use of glyphosate by March 2024.
A small amount of rain is moving through Argentina today. Totals are .1-1.25 inches with about 20% coverage. Additional showers are forecast in the next 24 hours for Northern Argentina. The Southern half of Argentina will remain dry for the next 10 days. Temperatures will be in the 70-80’s. North and Central Brazil will be dry until the weekend where rain is forecast for 1.00-3.5 inches. Temperatures look to be normal.
Have a safe day!