BEIJING- Chicago Board of Trade futures for corn, soybeans and wheat dipped for a second straight session on Monday after US President Donald Trump renewed warnings about imminent tariffs, raising concerns of retaliation that could harm US crop sales.
The most active soybean contract on the Chicago Board of Trade (CBOT) was down 0.17 percent at $10.48 a bushel. Corn dropped 0.72 percent to $4.84.
On Sunday, Trump said he would introduce new 25 percent tariffs on all steel and aluminum imports and provide more details on the reciprocal tariff plan either Tuesday or Wednesday this week.
The market is down across the board on the back of the Trump steel tariffs, said Ole Houe of IKON Commodities in Sydney.
“Traders can now see a clearer path to lower economic growth in the US as well as globally. There were initial hopes that it may all be nothing, but it seems clear that the tariffs are here to stay and even grow,” Houe said.
Earlier, Trump had set 25 percent tariffs on Canada and Mexico but delayed them. His levies against China prompted a measured response from Beijing, notably avoiding tariffs on agricultural products, which provided some relief to grain traders.
