PARIS/BEIJING: Chicago wheat, corn and soybean futures rose on Tuesday as traders digested U.S. crop data that included a lower than expected projection of wheat planting while awaiting a U.S. tariff announcement that could affect agricultural trade.
The most active wheat contract on the Chicago Board of Trade was up 0.8% at $5.41-1/2 a bushel by 1124 GMT. CBOT corn added 0.8% to $4.61 a bushel and soybeans gained 0.3% to $10.18-1/4 a bushel.
Widely followed U.S. Department of Agriculture planting forecasts on Monday pegged the 2025 U.S. wheat area below a range of analyst estimates.
At the same time, the corn market shrugged off the USDA’s projection of this year’s corn area, which surpassed an average of analyst estimates.
“This area exceeds the consensus but remains below the upper range of expectations, which … had been increasingly factored in due to last week’s price decline,” Argus analysts said in a note.
Corn futures rebound
Corn and wheat futures hit multi-month lows last week as traders anticipated increased corn acreage while also reacting to forecast rain for some dry U.S. and Russian wheat belts.
Concern over dry conditions for corn crops in Brazil was also helping to underpin Chicago corn, traders said.
Grain markets were bracing for U.S. President Donald Trump’s announcement of reciprocal tariffs from April 2, a prospect that has raised concern over retaliation against U.S. farm exports.
Ole Houe, of IKON Commodities in Sydney, said the market focus is now on looming U.S. tariffs, with additional concerns over proposed U.S. port fees on Chinese-built vessels.
White House aides are proposing tariffs of about 20% on most U.S. imports, the Washington Post reported on Tuesday.
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