Corn and wheat futures ended mixed on Tuesday, while soybeans posted modest losses.
Tariff worries overhung the grain markets, with traders worried about the potential for US-sparked trade wars to disrupt the export of agricultural commodities. Meanwhile, President Donald Trump’s top economic aide on Monday warned of more tariff-related economic uncertainty between now and April 2, when Trump plans to implement his so-called reciprocal tariffs.
Corn also saw some pressure from ideas the USDA’s March 31 prospective plantings report will show larger-than-expected new-crop intentions. May corn eased 2 ¼ cents to $4.58 ¾, but December managed to hold onto a ¼-cent gain to $4.54 ¼.
Beans were mostly steady overnight on light volume but slipped back down late in the session on the tariff fears. May lost 2 ¾ cents to $10.12 ¾, and November dropped 3 cents to $10.15 ½.
Chicago and Minneapolis wheat eased under tariff pressure, but Kansas City managed a small gain on continued worries about southern Plains dryness. “The region continues to be impacted by particularly strong areas of low pressure with extreme winds, areas of dry air, limited precipitation, and dust storms that are stressing winter wheat,” said a report today from World Weather. May Chicago wheat dipped 3 ½ cents to $5.65, May Kansas City gained ¾ of a cent to $6.06 ¼, and May Minneapolis eased a penny to $6.14.
