Chicago Agriculture Commodities Finished Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture commodities finished lower Monday, with Soybean futures falling 0.89%, on feared escalating trade tensions between China and the United States.
Corn futures marked a 3-week high on the US Agriculture Department’s (USDA) Bullish acreage forecast late last week, but gave back much of the day’s gains as Soybean retreated.
The most active Corn contract for May delivery fell 0.5c at 3.8725 bu.
May Wheat delivery went down 4.75c, or 1.05% to close at 4.4625 bu.
May Soybean dropped 9.25c, or 0.89% to settle at 10.355 bu.
China suspended tariff concessions on 128 items of US products including pork and fruits starting Monday, according to the Ministry of Finance.
The Customs Tariff Commission of the State Council has decided to impose a tariff of 15% on 120 items of products imported from the United States including fruits and related products, and a tariff of 25% on 8 items of imports including pork and related products from the country, according to a statement posted on the ministry’s website.
But, the tariffs are small and are likely to only affect Chinese consumers and not effect the US at all.
The statement said it was a countermeasure in response to a previous US move to slap tariffs on steel and aluminum imports.
Despite worldwide objections, The Trump Administration decided to impose a 25% tariff on steel imports and a 10% tariff on aluminum, with tariffs on imports from countries including China.
And, in the wings for announcement this week, The Trump Administration is set to impose $50-B in additional tariffs on Chinese good flowing to the US.