Pro Farmer reports that Mexico purchased 709,200 metric tons of U.S. corn the week prior to the U.S. elections, which was three times the average volume for the preceding month. Pro Farmer says the move proved prudent, since the results of the U.S. election sent the peso to an all-time low against the dollar, increasing corn prices in pesos ten-fold. Traders and industry analysts report that Mexican demand for U.S. grain imports has since slumped. However, they also stress that Mexico has few other options for grain besides the U.S. and it needs to import around 10 million metric tons or more of corn each year. Mexico is the number one buyer of U.S. corn and pork.
From the National Association of Farm Broadcasting news service.