Mar24 Corn Fresh Low Close + Mexico Rail Update

Joe's Premium Subscription: www.standardgrain.comGrain Markets and Other Stuff Links-Apple PodcastsSpotifyGoogleTikTokYouTubeFutures and options trading involves risk of loss and is not suitable for everyone.🌽📉 The nearby Mar24 corn contract reached a life-of-contract low close on Tuesday, closing just below $4.73 per bushel after a 4-cent drop. Logistics issues at the US/Mexico border, Panama Canal, and Red Sea, coupled with a record 2023 US harvest, are contributing factors. Farmers are considered "undersold" compared to a typical year.🚂🌽 Mexico is facing potential shortages of corn and soybean meal due to this week's rail closures. Mexico's farm lobby, CNA, emphasized the importance of goods and inputs for livestock and industrial uses, estimating less than 9 days' supply of soybean meal and 8 to 20 days' supply of corn. Union Pacific estimates a daily economic impact of $200 million. Mexico accounts for 47% of all US corn export sales this year.🇧🇷🌱 Poor growing conditions are expected to impact Brazilian soybean production, particularly in Mato Grosso, with a 20% reduction expected compared to last season, according to Aprosoja. USDA and CONAB have also reduced their estimates for Brazil's soybean production, which began the season with higher expectations.🌽🚗 The EPA has requested White House approval for a rule allowing year-round sales of E15 in select Midwestern states, including Illinois, Iowa, Minnesota, Missouri, Nebraska, Ohio, South Dakota, and Wisconsin. The proposal has faced opposition from the oil industry, citing potential supply chain issues and higher gasoline prices.💰💼 Ukrainian aid has been postponed until 2024, as Senate Majority Leader Chuck Schumer announced. The aid package has been delayed due to Republican demands for immigration policy changes to be included. The Pentagon warns that funds needed to replace weapons sent to Ukraine will run out by December 30.If you have any more questions or need further information, feel free to ask! 🚢🌎🛤️📊🇺🇦