Tariff fears helped to send corn and wheat futures lower on Friday, while soybeans managed gains.
With US President Donald Trump launching trade wars against America’s three largest trading partners – Canada, Mexico, and China - traders remain worried about the fate of agricultural exports amid retaliatory tariffs. Because tariffs are typically paid by importers, it makes products sourced from abroad more expensive and thus less appealing to purchase. May corn fell 6 ¾ cents to $4.58 ½, and December lost 1 ¼ cents to $4.51.
Losses in Kansas City wheat were limited today by rising fears about dryness for the winter wheat crop on the US southern Plains. Portions of the region was being blasted by high winds today, further eroding soil moisture. May Chicago was down 5 ½ cents at $5.57, May Kansas City slipped 1 ½ cents to $5.86, and May Minneapolis fell 2 cents to $6.01 ¾.
Soybeans received support from some short covering ahead of the weekend. May beans gained 5 ¼ cents to $10.16, and November was up 6 ¼ cents at $10.18.
