Chicago | Reuters—Chicago wheat, corn and soybean futures dipped on Friday as market players continued to worry about the impact of tariffs on U.S. agricultural trade.
The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 settled down 11-1/2 cents at $4.69-1/2 a bushel, after hitting its lowest point since Jan. 10.
CBOT soybeans Sv1 ended down 11-1/2 cents at $10.25-3/4 per bushel, having reached their lowest trough since Feb. 13.
Wheat Wv1 was down 6-3/4 cents at $5.55-3/4 a bushel, earlier reaching its lowest point since Feb. 3.
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Concerns about possible retaliation against U.S. 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, said Jim McCormick, co-founder of AgMarket.net.
U.S. President Donald 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 Thursday, saying the tariffs would go ahead in March.
When tariffs are implemented, McCormick said, “Historically, agriculture kind of gets punched in the face.”
China is a major importer of soybeans and Mexico of corn.
Meanwhile, traders are positioning for the end of the month, and commodity funds with large net long positions are doing some liquidating, said McCormick.
Wheat futures also ticked down, but derived some support from dry weather in the U.S. Plains as the crop exits dormancy, he said.
Maxar forecast drier weather in the central Plains and eastern Midwest in the next 16-30 days, lowering moisture for winter wheat in those areas.
—Additional reporting by Peter Hobson in Canberra and Gus Trompiz in Paris
