CBOT corn ends lower for second session, dips to one-week low

CHICAGO, March 12 (Reuters) - Chicago Board of Trade corn futures extended losses on Wednesday after a government crop report showed more U.S. corn inventories than expected, while the latest U.S. tariffs and European counter-measures fueled concerns about trade disruption, traders said.

• CBOT May corn CK25 settled down 9-1/2 cents at $4.60-3/4 a bushel.

• The most-active corn contract on a continuous basis Cv1 dropped to a one-week low earlier in the session.

• President Donald Trump's increased tariffs on all U.S. steel and aluminum imports took effect on Wednesday, drawing swift retaliation from Canada and Europe.

• The European Union announced counter-tariffs on up to 26 billion euros ($28 billion) worth of U.S. goods from next month.

• Canada, the biggest foreign supplier of steel and aluminum to the United States, announced 25% retaliatory tariffs worth C$29.8 billion in total.

• The U.S. Department of Agriculture on Tuesday left its forecast for 2024-25 U.S. corn ending stocks unchanged from February. Analysts expected a decline due to strong U.S. export demand.

• Potential for a halt to the Ukraine-Russian war also pressured corn futures, traders said.

• Pressure from what is shaping up to be a big South American crop continues to also weigh on the corn market, traders said.