CANBERRA- Chicago corn, soybean and wheat futures dipped on Wednesday, after rallying in the previous session when Donald Trump’s first full day as US president passed without him following through on promises to impose tariffs on agricultural trade.
Still, corn and soybeans were near multi-month highs, supported by dry conditions that threaten production in Argentina and rain in Brazil that is slowing the start of the soybean harvest.
Wheat, however, was not far from last year’s lows amid weak demand.
The most active corn contract on the Chicago Board of Trade (CBOT) fell 0.5 percent to $4.87-3/4 a bushel after hitting a 13-month high of $4.91 on Tuesday.
CBOT soybeans dipped 0.1 percent to $10.66-1/4 a bushel after reaching a 4-month high of $10.68 in the previous session.
Wheat eased 0.4 percent to $5.56-3/4 a bushel. Prices have struggled to rise far from last year’s low of $5.14.
Traders said Tuesday’s rally was largely because Trump did not immediately impose tariffs on imports from multiple countries. However, Trump did say he was considering imposing 25 percent duties on imports from Canada and Mexico from Feb. 1.