Corn, wheat, and soybean futures ended in the red on Friday amid back-and-forth news on US tariffs.
Beans were lower overnight on Trump tariff talk, drifted higher as levies were said to be pushed back a month and then fell again when the White House said the deadline is still Feb 1, said a market note from Marex today. The US tariffs are expected to draw retaliation from affected countries, Canada, Mexico, and China, potentially crimping US ag exports. South American weather was mostly supportive, with most of Argentina expected to remain warm and dry through the weekend, while the Brazil soy harvest continues to be slowed by rain. March beans slipped 2 cents to $10.42, and November lost 2 ½ cents to $10.51.
Corn was lower overnight on the tariff threat. The market managed to gain back some losses during the day but still ended lower. March corn lost 8 ¼ cents to $4.82 and December closed 4 cents lower at $4.60 1/4.
The potential for a trade war and month-end positioning helped to send wheat lower on the day. March Chicago fell 7 cents to $5.59 ½, March Kansas City lost 9 cents to $5.79 ¼, and March Minneapolis was down 4 ¾ cents at $6.15 ½.
