BEIJING- Chicago soybean and corn futures fell on Tuesday as traders awaited US President Donald Trump’s broad reciprocal tariffs, raising concerns over farm exports from the country.
The most-active soybean contract on the Chicago Board of Trade (CBOT) dropped 0.07 percent to $10.14 a bushel. Corn slipped 0.22 percent to $4.56 a bushel, after gaining for two straight sessions.
Trump said on Sunday the April 2 tariffs would apply to all nations, heightening focus on key agricultural partners China, Mexico and Canada.
Previous tit-for-tat tariffs between Washington and Beijing have already shifted China’s soybean purchases to Brazil. Further tensions could deepen the impact.
A US Department of Agriculture (USDA) report on Monday showed higher-than-expected soybean stocks, pressuring prices.
China’s most-active Dalian soymeal futures fell 1 percent, dragging the most-active Zhengzhou rapeseed meal futures down around 2 percent.
Wheat eased 0.09 percent to $5.36 a bushel, despite lower-than-expected plantings in the USDA report, as favorable weather in key growing regions and a US backed ceasefire between Russia and Ukraine weighed on prices.
