GRAINS-Chicago soybeans, corn drop on tariff concerns

BEIJING, March 24 (Reuters) - Chicago soybeans and corn futures both declined on Monday, with expectations that U.S. tariffs will particularly hurt these markets.

Meanwhile, Chicago wheat futures climbed for a second consecutive session, supported by dryness in the U.S. grain belts and the Black Sea region, with traders closely monitoring Russia-Ukraine peace talks.

FUNDAMENTALS

The most-active soybean contract Sv1 on the Chicago Board of Trade (CBOT) fell 0.27% to $10.07 a bushel and corn Cv1 slipped 0.22% to $4.63 a bushel as of 0122 GMT.

Wheat rose 0.18% to $5.59-2/8 a bushel.

Traders are positioning ahead of the USDA's March 31 reports, which will estimate 2025 planting intentions, with farmers expected to plant more corn.

In Brazil, the soybean harvest is progressing rapidly, with 73.84% of the expected 2024/2025 area harvested, up from 69.33% at this time last year, according to Patria Agronegocios.

Tariff disputes between the U.S. and its trading partners, along with peace talks concerning the Russia-Ukraine war, are also under close watch.

Russian and U.S. officials will discuss ways to ensure the safety of transportation in the Black Sea at talks on a possible Ukrainian peace settlement in Riyadh on Monday.

The U.S. plans to impose sweeping reciprocal tariffs on multiple trade partners on April 2.

Turkey's state grain board TMO has issued an international tender to sell and export 50,000 metric tons of durum wheat, European traders said on Friday.

MARKET NEWS

Financial markets made a mixed start on Monday with U.S. stock futures rising but the dollar wavering ahead of a week driven by data, Chinese earnings and the threat of steep U.S. tariff hikes on the horizon. MKTS/GLOB

DATA/EVENTS (GMT)

0815 France HCOB Mfg, Serv, Comp Flash PMIs March

0830 Germany HCOB Mfg, Serv, Comp Flash PMIs March

0900 EU HCOB Mfg, Serv, Comp Flash PMIs March

0930 UK Flash Comp, Mfg, Serv PMIs March

1345 US S&P Global Mfg, Svcs, Comp Flash PMIs March