Chicago Agriculture Commodities Finished Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture commodities finished lower Wednesday, with Soybean futures dropping over 2% after China announced potential tariffs on US Soybean, Corn, Beef and other goods.
Chicago Corn futures also fell sharply, then recovered a portion of the losses.
The most active Corn contract for May delivery fell 7.5c, or 1.93% at 3.81 bu.
May Wheat delivery went down 1.75c, or 0.38% to close at 4.5575 bu.
May Soybean dropped 22.75c, or 2.19% to settle at 10.1525 bu.
Wednesday, China unveiled a list of products worth $50-B imported from the United States that could be subject to higher tariffs, including Soybean, Automobiles and chemical products.
The move was taken after The Trump Administration announced a proposed list of products subject to additional tariffs, which covers Chinese exports worth $50-B with a suggested tariff rate of 25%.
The date of implementation (if implemented) will depend on when/if the US government imposes the tariffs on Chinese products, China’s Ministry of Finance said