GRAINS-Soybeans tick lower after Supreme Court strikes down tariffs
By Heather Schlitz
CHICAGO, Feb 20 (Reuters) - Chicago soybean futures came under pressure on Friday after the U.S. Supreme Court struck down U.S. President Donald Trump's sweeping tariffs, pausing a rally that had begun on February 4 when Trump said China would make additional purchases of U.S. soybeans.
Analysts said China may be less likely to follow through on another big purchase of U.S. soybeans that Trump has been touting for several weeks in the absence of tariffs as a stick.
Corn was little changed in choppy trade, and wheat hit its highest point since June on a short-covering rally.
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 fell 3-1/2 cents to $11.37-1/2 per bushel.
Though the justices ruled that Trump exceeded his authority by implementing tariffs under a law meant for use in national emergencies, the decision has raised questions about whether or how the administration will pursue new tariffs through other legal strategies.
For the market players who closely monitor China, the world's biggest soybean importer, the decision has only added more uncertainty to an already volatile market.
CBOT wheat Wv1 rose 14 cents to $5.73-1/2 a bushel, hitting its highest point since late June on a continuous chart.
Short-covering by investors, encouraged by concerns over the impact of winterkill and dryness in the U.S. wheat belts, has pushed wheat prices through chart resistance levels.
Global wheat supplies could tighten in the 2026/27 season while corn production may also dip, the International Grains Council said on Thursday.
CBOT corn Cv1 settled 1-3/4 cents higher to end at $4.27-1/2 per bushel without any fresh news for market players to trade on.
The USDA projected U.S. corn plantings will drop in 2026 from an 89-year high in 2025.
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