GRAINS-Soybeans, wheat and corn fall on uncertainty over US import deals after tariff ruling

By Naveen Thukral and Michael Hogan

SINGAPORE/HAMBURG, Feb 23 (Reuters) - Chicago soybeans fell on Monday, continuing Friday’s weakness after the Supreme Court struck down President Donald Trump's import tariffs adding to doubt over the future of U.S. trade deals to import oilseeds and grains.

Wheat and corn also fell in the general market uncertainty.

Chicago Board of Trade most-active soybeans Sv1 fell 0.7% to $11.44-1/4 a bushel at 1149 GMT. Wheat Wv1 fell 0.6% to $5.76-1/4 a bushel, corn Cv1 fell 0.2% to $4.38-3/4 a bushel.

The Supreme Court 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.

DOUBTS ABOUT CHINESE BUYING

China may be less likely to follow through on another big purchase of U.S. soybeans that Trump had been touted for several weeks, analysts said.

“China has informally agreed big U.S. soybean purchases for a tariff truce and markets fear China will now have no incentive to follow through, especially as there is no detailed published agreement,” one German trader said.

“Several other countries ranging from Bangladesh, Indonesia to Vietnam also made deals in various forms to buy U.S. farm goods. The question is whether these deals will be quietly dropped as the threat of U.S. tariffs disappears.”

U.S. Trade Representative Jamieson Greer said none of the countries that had reached trade deals with the U.S. had shared plans to withdraw.

Market weakness also came from a record large soybean Brazilian harvest that is making its way onto the world market.

Selling of wheat futures was limited by a new purchase tender from big-buyer Algeria for milling wheat.

While the tender sought a nominal 50,000 tons, traders expected a purchase running into the hundreds of thousands of tons.