SINGAPORE- Chicago corn recovered on Monday from an almost seven-week low, while soybeans rose for the first time in four sessions on bargain-buying, although gains were limited by worries over the impact of US President Donald Trump’s tariffs.
Wheat jumped more than 1 percent, rising from Friday’s one-month low.
“Corn and soybeans have moved little bit higher but agriculture markets are waiting to see the impact of US tariffs,” said one grains trader in Singapore. “Dry weather for wheat is going to be an issue for the Indian crop.”
The most-active corn contract on the Chicago Board of Trade (CBOT) added 0.2 percent to $4.70-1/4 a bushel, having dropped to its lowest since January 10 on Friday.
Soybeans rose 0.2 percent to $10.27-1/4 a bushel and wheat gained 1.1 percent to $5.62 a bushel.
Concerns about possible retaliation against US agricultural exports are growing as the Trump administration says new tariffs on imports from Mexico and Canada and additional tariffs on goods from China are set to begin on March 4.
Trump said on Wednesday that the tariffs, already delayed by 30 days for Mexico and Canada, could be delayed again until April 2, but changed tack again in a social media post on Thursday, saying the tariffs would go ahead in March.
