GRAINS-Chicago soy, corn, wheat slip as traders brace for US tariffs

BEIJING, April 1 (Reuters) - Chicago soybean and corn futures fell on Tuesday as traders awaited U.S. President Donald Trump's broad reciprocal tariffs, raising concerns over farm exports from the country.

The most-active soybean contract Sv1 on the Chicago Board of Trade (CBOT) dropped 0.07% to $10.14 a bushel as of 0215 GMT. Corn Cv1 slipped 0.22% to $4.56 a bushel, after gaining for two straight sessions.

Trump said on Sunday the April 2 tariffs would apply to all nations, heightening focus on key agricultural partners China, Mexico and Canada.

Previous tit-for-tat tariffs between Washington and Beijing have already shifted China's soybean purchases to Brazil. Further tensions could deepen the impact.

A U.S. Department of Agriculture (USDA) report on Monday showed higher-than-expected soybean stocks, pressuring prices.

China's most-active Dalian soymeal futures DSMcv1 fell 1%, dragging the most-active Zhengzhou rapeseed meal futures CRSMcv1 down around 2% as of 0155 GMT.

Wheat Wv1 eased 0.09% to $5.36 a bushel, despite lower-than-expected plantings in the USDA report, as favourable weather in key growing regions and a U.S.-backed ceasefire between Russia and Ukraine weighed on prices.

Ole Houe of IKON Commodities in Sydney said that market focus is now on the looming U.S. tariffs, with additional concerns over proposed U.S. port fees on Chinese-built vessels.

Meanwhile, Argus Media cut its forecast for Russian wheat production in 2025-26 to 80.3 million metric tons from 81.5 million in November 2024.

"There is not a lot to be excited about for grain prices in the near term... We are more likely to see U.S. futures dropping a lot again on the tariff announcements," Houe added.