Corn and soy prices rally to multi-week highs after Nafta revamp


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    Soft commodities prices rallied on Monday in the wake of an eleventh-hour agreement on a trade deal between the US, Canada and Mexico.

Financial markets, in general, greeted the so-called Nafta 2.0 with relief on Monday, with Wall Street rising to record highs and the currencies of Canada and Mexico jumping about 1 per cent.

The price of October corn was up 2.7 per cent to a seven-week high of $3.65 ¾ a bushel in afternoon trade, while the front-month contract for soyabeans rose 1.5 per cent to a six-week high of $8.57 ¾ a bushel.

The new pact, known as the United States-Mexico-Canada Agreement, takes away some of concerns that Mexico, the biggest importer of US corn, might have turned to competing producers.

Monday’s relief rally provided a brief distraction from an overarching feature of the grains market, which are expectations for a bumper harvest. Last week, grains prices dipped after the US Department of Agriculture reported inventories of corn, soyabeans and wheat came in larger than their previous estimate.


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