Corn, Soybeans Ease as Market Digests Trump Tariff Threats [Video]

By Heather Schlitz

CHICAGO, Nov 26 (Reuters) – Chicago corn and soybean futures fell on Tuesday following U.S. President-elect Donald Trump’s threat of tariffs against major trading partners, while forecasts for strong South American crops also pressured prices, traders said.

Wheat futures rose on a technical bounce as market players shrugged off last week’s news of an escalating conflict in the Black Sea.

Trump, who takes office on Jan. 20, said on Monday that he would impose a 25% tariff on imports from Canada and Mexico until those countries clamped down on drugs and migrants crossing the border, while also outlining an additional 10% tariff on imports from China.

Market reaction was relatively muted.

“Beans and corn aren’t falling apart,” said Ted Seifried, vice president of Zaner Group. “The concept of tariffs has been widely accepted for the last two weeks, and we’re waiting to see how that plays out.”

Chicago Board of Trade soybeans Sv1 settled down 2-1/4 cents to $9.83-1/2 …