SINGAPORE: Chicago corn futures ticked up on Thursday, recouping some of the previous session’s losses, although gains were limited by higher US stocks and worries over tariffs disrupting trade flows. Soybeans rose for the first time in five sessions, while wheat climbed.
The most-active corn contract on the Chicago Board of Trade (CBOT) rose 0.1% to $4.61 a bushel as of 0320 GMT. Soybeans added 0.4% to $10.04-1/2 a bushel and wheat gained 0.6% to $5.57-1/4 a bushel.
US President Donald Trump’s increased tariffs on all US steel and aluminium imports took effect on Wednesday, stepping up a campaign to reorder global trade in favour of the US and drawing swift retaliation from Canada and Europe.
The European Union announced counter-tariffs on up to 26 billion euros ($28 billion) worth of US goods from next month, including agricultural products such as soybeans, almonds and pork.
Canada, the biggest foreign supplier of steel and aluminium to the United States, announced 25% retaliatory tariffs on those metals along with computers, sports equipment and other products worth C$29.8 billion ($20.72 billion) in total.
Canadian farmers intend to plant more wheat, corn, oats and peas in 2025 than they did last year and cut canola, soybeans, barley and lentils, Statistics Canada reported on Wednesday.
The US government left domestic corn inventories unchanged in a monthly supply-and-demand report, despite strong export sales.
Farm office FranceAgriMer on Wednesday cut its forecast of French soft wheat exports outside the European Union in 2024-25 to 3.2 million metric tons, down 69% on the previous season and marking a new low this century after a rain-hit crop.
Commodity funds net sold CBOT corn, soymeal and soyoil futures contracts on Wednesday, traders said. Funds were net even in soybean and wheat futures, traders said.
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