Chicago crop futures continued to decline on Monday as trade war concerns continued to overhang the markets.
Corn fell for the sixth straight session, with US President Donald Trump confirming that most US imports from Canada and Mexico will face 25% tariffs beginning Tuesday. Both countries have pledged to retaliate with tariffs of their own. Meanwhile, reports today said China is preparing to retaliate against US ag exports in response to separate American tariffs. Trump told American farmers on his social media platform today to prepare to sell their goods domestically. On the other side, the USDA announced private sales of 114,000 tonnes of US corn to Mexico today. May corn tumbled 13 ¼ cents to $4.56 ¼, and December lost 3 ¾ cents to $4.51 ¼.
Tariff worries also pressured soybeans, as did the advancing soybean harvest in Brazil, where about half of the crop is now off. China is the largest buyer of American soybeans. May beans dropped 14 ¼ cents to $10.11 ½, and November fell 10 ¾ cents to $10.18 ¾.
Wheat was dragged lower by the heavy losses in corn and soybeans. May Chicago was down 8 cents at $5.47 ¾, May Kansas City lost 11 cents to $5.62, and May Minneapolis closed 6 ½ cents lower at $5.91 ¼.
