GRAINS-Chicago soybeans, corn dip on tariff fears, wheat also down

BEIJING/HAMBURG, March 24 (Reuters) - Chicago soybeans and corn futures fell for a second session on Monday, weakened by concerns U.S. import tariffs will reduce demand for U.S. grains and oilseeds.

The strong trend in the dollar also weakened wheat and other products.

Chicago Board of Trade most-active soybeans Sv1 fell 0.1% to $10.08-3/4 a bushel at 1053 GMT, corn Cv1 dropped 0.5% to $4.61-3/4 per bushel, and wheat Wv1 fell 0.9% to $5.53 a bushel.

Traders are monitoring tariff developments between the U.S. and its leading agricultural trading partners, Canada, Mexico and China.

The U.S. plans to impose sweeping reciprocal tariffs on several trade partners starting on April 2, which may include those with Canada and Mexico which were paused.

U.S.-China tariff tensions have cut soybean exports, with China retaliating by raising duties on U.S. agricultural products.

China is expected to shift its soybean purchases to Brazil, which is having a bumper harvest.

"Without free access to Mexico and China, and with the risk of a freight penalty on shipments, these factors have all pushed down U.S. domestic prices and futures," said Ole Houe of IKON Commodities in Sydney.

Brazil's soybean harvest is moving swiftly , with 73.84% of the expected 2024/2025 area harvested, up from 69.33% last year.

Wheat was weakened by slow demand for U.S. shipments.

"But there are some signs that low U.S. export prices are generating new demand with a tender from Taiwan today for 100,000 tons of U.S. wheat," a European trader said.

Talks between Washington and Moscow on the Ukraine conflict, including Black Sea shipping , are price-bearish as a ceasefire could allow larger Russian and Ukrainian export shipments.

Traders are also positioning ahead of the U.S. Department of Agriculture's grain stocks and prospective planting reports on March 31, with estimates for U.S. farmers' planting intentions in 2025.