SINGAPORE- Chicago soybeans lost more ground on Tuesday while corn ticked higher, with both markets trading near their lowest since early January ahead of US tariffs on key trading partners which are likely to disrupt agricultural flows.
Wheat edged higher on support from dry weather in India.
“The fundamental picture for soybeans is bearish given the supplies from South America,” said one oilseed trader in Singapore. “The market direction will also depend on how China reacts to US tariffs.”
The most-active soybean contract on the Chicago Board of Trade (CBOT) fell 0.4 percent to $10.08 a bushel, while corn added 0.1 percent to $4.56-1/2 a bushel. Wheat rose 0.1 percent to $5.48-1/2 a bushel.
US President Donald Trump said that 25 percent tariffs on goods from Mexico and Canada will definitely take effect on Tuesday, raising fears of a trade war in North America and sending financial markets reeling.
China is targeting American agricultural exports as it prepares countermeasures against fresh US import tariffs, China’s state-backed Global Times reported.
