The prices of soybeans, corn, and wheat fell on Friday due to the tariffs imposed by China in response to those announced by President Donald Trump.
- Corn: Futures fell to $4.50 per bushel after China announced a 34% tariff on U.S. products, marking the lowest level in a week but still showing a weekly gain of 1.54%.
- Wheat: Following China’s tariff announcement, wheat futures also dropped to $5.20 per bushel.
These tariffs threaten to halt U.S. soybean sales to Chinese buyers at a time when American farmers are already struggling with low crop prices and intense competition from Brazilian exporters.
“This kind of tariff puts us not just out of the game, but completely out of the game,” said Don Roose, president of brokerage U.S. Commodities.
- Soybeans: The most active soybean futures on the Chicago Board of Trade fell by 30.5 cents to $9.81 per bushel. The session low was the lowest since December 20, 2024.
- Wheat: Wheat dropped by 7.75 cents to $5.2825 per bushel in Chicago.
China’s new tariffs, effective from April 10, add to the 10-15% duties imposed earlier this March on $21 billion worth of U.S. agricultural trade.
Corn futures later rose after Mexico, the largest market for U.S. corn exports, was exempted from base tariffs last week.
