CHICAGO — Chicago corn and soy futures eased ahead of a long weekend in the US, after President Donald Trump posted on social media that he recommended a 50 percent tariff on goods from the European Union.
Wheat also fell as buying slowed after a rally earlier in the week, according to analysts.
The most active soybean contract on the Chicago Board of Trade ended down 7-1/4 cents at $10.60-1/4 a bushel, corn fell 3-1/2 cents to finish at $4.59-1/2 a bushel, and wheat settled down 2 cents at $5.42-1/2 per bushel.
Ahead of the three-day Memorial Day weekend, which will keep US markets closed on Monday, headlines continue to flow from the White House, said Arlan Suderman, Chief Commodities Economist at StoneX.
“That leaves traders a bit at risk,” he said.
Corn and soybeans were both trading unchanged prior to Trump’s social media post recommending steep tariffs on the EU, he said.
Fears of retaliatory tariffs on US agricultural goods drove futures down afterward, Suderman added.
