Corn, soybeans, and wheat futures declined on Wednesday at the Chicago Board of Trade (CBOT) as traders digested the latest WASDE report and responded to newly imposed retaliatory tariffs on U.S. agricultural goods.
Corn Leads Decline Amid Trade Uncertainty
CBOT corn futures for May delivery fell 1.9% to $4.61 ¾ per bushel, while May soybeans dropped 0.9% to $10.02 per bushel. Wheat prices also edged lower, with May contracts settling at $5.55 per bushel, down 0.3%.
The downturn followed the European Union’s announcement of retaliatory tariffs on U.S. agricultural products, including meats, dairy, soybeans, and wheat. Canada also introduced tariffs on U.S. goods, further pressuring grain markets.
“The new tariffs quickly erased the steady-to-higher trend we had been seeing,” noted StoneX analyst Matt Zeller.
Market Focus Shifts to Key USDA Reports
While traders initially focused on this week’s World Agricultural Supply and Demand Estimates (WASDE) report, attention has now turned to the upcoming USDA quarterly stocks and acreage intentions reports at the end of the month.
“These reports will not be ignored by traders, no matter what else is happening in the market. They will influence future trade activity,” said Brian Pullam of Linn & Associates.
With trade tensions rising and key agricultural data releases on the horizon, grain markets remain highly volatile as investors assess the evolving landscape.
