GRAINS-Chicago soybeans retreat from one-month high on tariff uncertainty

BEIJING, April 2 (Reuters) - Chicago soybean futures fell on Wednesday, retreating from their highest levels since March 6, pressured by concerns over an upcoming tariff announcement that threatened U.S. farm exports.

The earlier gains were supported by a Tuesday meeting on raising federal biomass diesel blending mandates.

Wheat extended its gains for a third consecutive session, driven by a U.S. Department of Agriculture report showing reduced acreage. Corn, on the other hand, edged lower.

FUNDAMENTALS

The most-active soybean contract Sv1 on the Chicago Board of Trade (CBOT) was down 0.2% at $10.32 a bushel, as of 0116 GMT. Corn Cv1 slipped 0.5% to $4.59 a bushel.

The wheat contract Wv1 rose 0.37% to $5.43 a bushel.

Traders are closely monitoring the April 2 tariff announcement and concerns over proposed U.S. port fees on Chinese-built vessels.

White House aides are considering a plan that would raise duties on products by about 20% from nearly every country, the Washington Post reported on Tuesday.

A U.S. oil and biofuel coalition met with the Environmental Protection Agency on Tuesday, pushing for higher federal mandates for biomass diesel blending, boosting soybean and soy oil futures.

Corn was supported by wet forecasts for the U.S. Delta and Ohio Valley next week, according to weather forecasting firm Maxar, which could delay planting.

StoneX estimated Brazil's first corn crop at 25.90 million tons, down from previous estimate of 26.53 million tons, while the second crop is now forecast to stand at 101.62 million tons, down from initial outlook of 102.13 million tons.

Wheat found support from lower-than-expected planting intentions numbers.

Ukraine's agricultural exports in March rose 9.8% to 5.4 million metric tons from the previous month, Ukrainian farm lobby UCAB said on Tuesday.

Jordan's state grain buyer issued an international tender to buy up to 120,000 metric tons of milling wheat that can be sourced from optional origins, European traders said.

Commodity funds were net buyers of Chicago Board of Trade soybean, soyoil, corn and wheat futures contracts on Tuesday and net sellers of soymeal futures contracts, traders said. COMFUND/CBT

MARKET NEWS

The yen jumped and the dollar index edged higher on Tuesday as investors moved into safe-haven currencies ahead of reciprocal tariffs that U.S. President Donald Trump is due to announce on Wednesday. MKTS/GLOB

DATA/EVENTS (GMT)

1400 US Factory Orders MM Feb