CBOT corn ends down nearly 3% on trade jitters, S.American crops

CHICAGO, March 3 (Reuters) - Chicago Board of Trade corn futures fell 2.8% on Monday as worries about trade tensions and ample South American harvests appeared to spur commodity funds to liquidate more of their large net long position, traders said.

• CBOT May corn CK25 settled down 13-1/4 cents at $4.56-1/4 per bushel after dipping to $4.54-1/2, the contract's lowest since Dec. 24.

• Commodity funds hold a hefty net long position in CBOT corn futures, leaving that market particularly vulnerable to bouts of long liquidation.

• U.S. President Donald Trump appeared set to impose tariffs early on Tuesday on Canada and Mexico amid last-minute negotiations over border security and the flow of fentanyl.

• After the CBOT close, Trump said there was no chance for Mexico or Canada to avert the tariffs.

• Meanwhile, China has American agricultural exports in its crosshairs as it prepares countermeasures against fresh U.S. import tariffs, China's state-backed Global Times reported.

• The U.S. Department of Agriculture reported export inspections of U.S. corn in the latest week at 1,351,373 metric tons, toward the high end of a range of trade expectations for 950,000 to 1,400,000 tons. USDA/I