Chicago | 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 per cent 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 per cent tariff on imports from China.
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