Renewed trade tensions pressured Chicago crop futures on Friday.
Soybeans slid after US President Donald Trump said trade agreement talks with the EU were “going nowhere,” and threatened a 50% tariff on American imports from the bloc. If enacted, the tariff would take effect June 1. The US is the EU's primary supplier of soybeans – mainly for animal feed - and any retaliatory tariffs from the EU could target American beans. Rumours the US budget bill passed earlier this week might be negative for biofuels weighed as well. July soybeans fell 7 ¼ cents to $10.60 ¼, and November lost 4 ¾ cents to $10.50 ½.
Corn also fell on Trump’s tariff threat, with the EU also a significant importer of American supplies. Good moisture for the 2025 US corn crop also undermined the market. July lost 3 ½ cents to $4.59 ½, and December dipped 2 ½ cents to $4.50 ¾.
Winter wheat contracts finished lower on the day, while spring wheat managed to close in the black. July Chicago slipped 2 cents to $5.42 ½, and July Kansas City was down 1 ¼ cents at $5.38 ¾. July Minneapolis closed 6 ¼ cents higher at $6.06 ½.
