GRAINS-Corn loses more ground on US inventories, trade war

SINGAPORE, March 13 (Reuters) - Chicago corn futures slid for a third consecutive session on Thursday, with prices under pressure from a U.S. report showing higher stockpiles and the latest U.S. tariffs fuelled concerns about further trade disruptions.

Soybeans rose for the first time in five sessions, while wheat ticked up.

FUNDAMENTALS

The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 fell 0.1% to $4.60-1/2 a bushel, as of 0011 GMT. Soybeans Sv1 added 0.2% to $10.02 a bushel and wheat Wv1 gained 0.4% at $5.56 a bushel.

U.S. President Donald Trump's increased tariffs on all U.S. steel and aluminium imports took effect on Wednesday, stepping up a campaign to reorder global trade in favor of the U.S. and 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 - 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 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 U.S. 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 were net sellers of CBOT corn, soymeal and soyoil futures contracts on Wednesday, traders said. Funds were net even in soybean and wheat futures, traders said. COMFUND/CBT

MARKET NEWS

Global stocks rose on Wednesday with U.S. Treasury yields as relief over cooler U.S. inflation in February was countered by uncertainty around U.S. President Donald Trump's tariff policies and their potential impact on inflation and global growth. MKTS/GLOB

DATA/EVENTS (GMT)

1230 US Initial Jobless Clm 8 Mar, w/e

1230 US PPI Machine Manuf'ing Feb

1430 US EIA-Nat Gas Chg Bcf, Nat Gas-EIA Implied Flow 7 Mar, w/e