CHICAGO — Chicago corn and soy futures eased on Friday ahead of a long weekend in the US as 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 was down 7-3/4 cents at $10.59-3/4 a bushel, corn fell 4 cents to $4.59 a bushel, and wheat dipped 5-3/4 cents to $5.38-3/4 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. — Reuters
Fears of retaliatory tariffs on US agricultural goods drove futures down afterward, Suderman added.
Favorable US crop conditions and large harvests in Brazil were also keeping a lid on corn and soybean prices.
The International Grains Council raised its forecast for 2025-26 global corn production by 3 million metric tons to 1.277 billion tons.
Wheat rose earlier in the week on concerns over the impact of previous adverse weather in Russia and China and an unexpected decline in US wheat ratings.
