BEIJING- Chicago soybeans and corn futures slid for a second session on Monday, driven by concerns that US tariffs will dampen the appetite for its farm products.
The most-active soybean contract dropped 0.35 percent to $10.06-2/8 per bushel, while corn slipped 0.27 percent to $4.63 per bushel.
Traders are closely monitoring tariff developments between the United States and its top agricultural trading partners, particularly Canada, Mexico, and China.
The US plans to impose sweeping reciprocal tariffs on multiple trade partners starting April 2, which may include those with Canada and Mexico that have been paused.
US China tariff tensions have already cut soybean exports, with China retaliating by raising duties on $21 billion in US agricultural products.
As a result, China is expected to shift its soybean purchases to Brazil, which is seeing a bumper harvest.
“Without free access to Mexico and China, and with the risk of a freight penalty on shipments, these factors have all pushed down US domestic prices and futures,” said Ole Houe, director of advisory services at IKON Commodities in Sydney.
