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Corn, soybean prices rally to multi-week highs on new NAFTA pact

Published 10/01/2018, 06:02 PM
© Reuters.  Corn, soybean prices rally to multi-week highs on new NAFTA pact
  • Prices for agriculture commodities rallied today following news of the trade deal between the U.S., Canada and Mexico, providing a brief distraction from expectations for a bumper harvest that recently sent prices lower.
  • The price of October corn jumped 2.7% to a seven-week high of $3.65 per bushel, as the new pact eases concerns that Mexico - the biggest importer of U.S. corn - might have turned to competing producers, while the front-month contract for soybeans gained 1.5% to a six-week high of $8.57 a bushel.
  • Farmers and agribusinesses welcomed the deal, which is expected to preserve tens of billions of dollars in farm goods traded annually across the borders of the U.S., Canada and Mexico and prompt each country to remove tariffs on each other’s products.
  • If approved by lawmakers in each country, the agreement would rate as a victory for companies such as Cargill, Archer Daniels Midland (NYSE:ADM) and Tyson Foods (NYSE:TSN), as well as farm groups worried about the tariffs’ economic impact to the U.S. farm belt.
  • Now read: Agricultural Commodities Post The September WASDE Report

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