Mexican Senator Proposes Halting U.S. Corn Imports

Soybeans and grains were lower overnight on signs of promising weather in competing exporting country and amid threats from a Mexican lawmaker who proposed a ban on United States corn imports.

Rains in parts of Argentina will likely boost crop production in the country, forecasters have said. According to Commodity Weather Group, rain is anticipated to ease dry conditions in southern Brazil.

Soybean futures for March delivery fell 4 ¼ cents to $10.50 a bushel overnight on the Chicago Board of Trade. Soymeal declined $1.60 to $341.60 a short ton and soy oil rose 0.07 cent to 34.24 cents a pound.

Corn futures declined 1 ¾ cents to $3.73 ¾ a bushel in Chicago.

Wheat futures for March delivery declined 3 ¾ cents to $4.48 ½ a bushel. Kansas City futures dropped 2 cents to $4.64 ¾ a bushel.

Mexican Senator Proposes Halting Imports of U.S. Corn Over Immigration Policies

Sen. Armando Rios Piter said the Mexican government needs to consider sourcing not only corn but several products or appliances from other countries.

The Senator said he will present a proposal to the full Senate to stop purchases by Mexico, now the biggest buyer of U.S. corn. According to him, the country last year imported 13.6 million metric tons of the grain from the American farmers.

"We should stop collaborating with the United States, with this hostile administration specifically, regarding security issues, regarding anti-terrorism that we've been working together (on) for the last years," Piter said.

President Trump last month proposed a 20% border tax on all goods imported from Mexico to pay for a wall along the border to stem illegal immigration. He has in the past proposed import taxes as high as 35% on Mexican goods. More recently, law enforcement officials have started rounding up illegal immigrants, or undocumented workers, in the United State.