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CBOT Trends-Wheat down 11-12 cents, corn down 9-10, soy down 8-9

ReutersJan 31, 2025 3:05 PM

- Following are U.S. expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CST (1430 GMT) on Friday.

WHEAT - Down 11 to 12 cents per bushel

CBOT wheat Wv1 fell as looming U.S. tariffs against Canada and Mexico created uncertainty over potential trade repercussions and encouraged traders to book profits.

U.S. President Donald Trump has threatened to impose 25% tariffs on imports from Mexico and Canada on Saturday, a move that could spark retaliatory tariffs from the two major trading partners.

Lower export forecasts and rising prices in Russia, as well as concerns that severe cold may have harmed U.S. wheat crops, have lent support to the wheat market this week, countering pressure from slow international demand.

CBOT March soft red winter wheat WH25 was last down 12-1/4 cents to $5.54-1/4 a bushel. K.C. March hard red winter wheat KWH25 was last down 14-3/4 cents to $5.73-1/2 a bushel, while Minneapolis March spring wheat MWEH25 was down 10-3/4 cents to $6.09-1/2 a bushel.

CORN - Down 9 to 10 cents per bushel

CBOT corn Cv1 tumbled as traders booked profits ahead of the end of the month and before Saturday, when Trump says tariffs will be imposed on Canada and Mexico.

Mexico is a major importer of U.S. corn.

Hot, dry weather in Argentina that has damaged the corn crop in the agricultural powerhouse sparked a rally earlier in the week and continues to add a floor to prices.

CBOT March corn CH25 was last down 10-1/4 cents to $4.80 per bushel.

SOYBEANS - Down 8 to 9 cents per bushel

CBOT soybeans Sv1 also fell on pressure from looming tarrif threats and profit taking.

Minimal rainfall and a dry, hot outlook for the following weeks in Argentina's soy belt will likely continue to support futures.

Weekly U.S. soybean export sales on Thursday below analysts' expectations added to demand doubts as traders watched to see if the U.S. government would also target China, the world's biggest soybean importer, with new tariffs.

CBOT March soybeans SH25 were last down 9-1/4 cents to $10.34-3/4 per bushel.

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