Corn and wheat futures gained on Friday, but soybeans fell amid trade uncertainty after the U.S. Supreme Court ruled against President Donald Trump’s tariffs.
In a 6-3 decision announced earlier today, the court rejected Trump’s use of a law meant for use in national emergencies to enact sweeping global tariffs. The ruling immediately cast doubt on whether China will now purchase more U.S. soybeans, especially given newly harvested Brazilian soybeans are priced lower on the international market. Trump earlier this month said China might be prepared to purchase an additional 8 million tonnes of American beans after it hit a previously agreed upon target of 12 million. March lost 3 ½ cents to $11.37 ½, and November was down 3 ¼ cents at $11.15.
Wheat futures posted more gains, as it continued to be supported by a short covering rally amid growing weather concerns - including dryness on the U.S. southern Plains - that has lifted the benchmark Chicago market to its highest since June. March Chicago climbed 14 cents to $5.73 ½, and March Kansas City was 6 ¾ cents higher at $5.72 ¼. March Hard Red Spring edged 2 ¾ cents higher to $5.88, and March Minneapolis settled with a 4 ¾-cent gain to $5.87 ¼.
Corn was modestly higher with the advances in wheat. March added 1 ¾ cents to $4.27 ½, and December was up 3 cents at $4.64 ½.
