CBOT corn trades flat as Trump backs off EU tariff threats
CHICAGO, May 27 (Reuters) - Chicago Board of Trade's most-active July corn futures contract traded flat on Tuesday as the dollar made gains and U.S. President Donald Trump backed off tariff threats on European Union imports, but supplies in Brazil were still expected to be large.
CBOT July corn CN25 settled even on Tuesday at $4.59-1/2 per bushel.
Trump backed away from his threat to impose 50% tariffs on imports from the European Union next month, restoring a July 9 deadline to allow for talks between Washington and the 27-nation bloc to produce a deal.
The dollar strengthened on Tuesday as the yen came under pressure from a sharp fall in Japan's long-dated bond yields, while the greenback was boosted by data showed improving U.S. consumer confidence.
Agribusiness consultancy Datagro increased its forecasts for Brazil's 2024/25 corn crop, a statement showed on Monday. Total corn production was estimated to reach 132.7 million tons, 0.7% higher than the previous estimate of 131.7 million tons.
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