Soybean futures suffered hefty losses on Thursday as markets reacted to US President Donald Trump’s announcement of new tariffs a day earlier. Corn settled just slightly lower while wheat ended mixed.
Trump said all US imports will now face a 10% baseline tariff, along with higher rates for certain countries and trading blocs, including China and the EU. The action has raised fears of retaliatory tariffs that could hit shipments of American agricultural products. As the largest exported US agricultural commodity, soybeans are seen as particularly vulnerable to potential trade countermeasures, particularly from China, the No. 1 buyer of American beans. May soybeans dropped 18 cents to $10.11 ½, and November lost 20 ¼ cents to $10.17.
Corn was down more steeply earlier in the day but worked its way back to close nearly unchanged. Short covering helped to support the market following the early declines. May eased a ¼ cent to $4.57 ½, and December was down 1 ¼ cents to $4.47 ½.
Tariff worries also overhung wheat futures today, with forecasted rain in the Black Sea region adding to the downside pressure. Kansas City wheat did close a bit higher amid the possibility of a weekend freeze in the southwestern Plains, which could damage more advanced winter wheat crops. May Chicago wheat fell 3 ¼ cents to $5.36, May Kansas City was up a ½ cent at $5.69, and May Minneapolis slipped 1 ¼ cents to $5.91 ¼.
