May soy rose 1.4% to US $ 366.60 and May CBOT wheat increased 2.3% to US $ 195.01. May’s corn of the Chicago Board of Trade rebounded 1% to US $173.32 after registering the lowest level of the contract from December 6.
The Corn futures, soy and wheat bouncing This Wednesday in Chicago, after playing minimums of several months on the previous day, since the indications that US tariffs against Canada and Mexico could be reduced helped to relieve market nervousness due to the escalation of commercial tensions.
May’s corn of the Chicago Board of Trade rebounded 1% to US $ 173.32 After registering the lowest level of the contract since December 6.
May soy rose 1.4% to US $ 366.60 and May CBOT wheat increased 2.3% to US $ 195.01.
The markets stabilized after a liquidation during most of the last week for the fear that Tariffs imposed by President Donald Trump slow down the demand for US raw materials.
Trump imposed 25% tariffs on imports from Mexico and Canada on Tuesday and doubled tariffs on Chinese products at 20%, which caused measures of immediate retaliation by Canada and China and a promise from Mexico to respond too.
The perspective of a full -fledged commercial war stir American agricultural exports, valued at 191 billion dollars.
Some operators and analysts said that US exports of grain to China in the short term may not be significantly altered, given a pause in Chinese purchases of corn and wheat and a change towards the incoming harvest of soybeans of Brazil.
“Seasonally, this is a time when China depends more on the Brazilian offer”, Ing said in a note. Brazil is in the midst of the collection of an expected soybean record harvest, a perspective that had already weighed on US prices before Trump’s tariff measures.
Source: Ambito
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