Grains, soybeans down on U.S.-China trade talks uncertainty
Welcome rain forecast in U.S. also weakens wheat
By Naveen Thukral and Michael Hogan
SINGORE/HAMBURG, – Chicago soybeans, wheat and corn fell on Monday as confusion about the status of talks to end the U.S.-China trade war weighed.
Forecasts of welcome rain in U.S. grain belts also weakened wheat.
“There is no clarity on U.S.-China trade talks,” said one trader in Singapore. “As of now, soybeans coming from the U.S. to China will attract tariffs.”
Chicago Board of Trade most-active soybeans fell 0.4% to $10.54-1/4 a bushel, at 1106 GMT. Corn fell 0.9% to $4.80-1/4 a bushel, wheat fell 1.5% to $5.36-3/4 a bushel.
“It does not look like a quick breakthrough in the U.S./China trade dispute is on the cards,” one German trader said. “There are conflicting statements at the top level.”
U.S. Treasury Secretary Scott Bessent said on Sunday he has not discussed tariffs with Chinese officials and doesn’t know if President Donald Trump had talked to his Chinese counterpart Xi Jinping.
Last week, Trump said talks on tariffs were taking place with China and that he and Xi have spoken. Beijing has denied that trade talks are occurring.
News last week that China has exempted some U.S. goods from its tariffs sparked hopes for a de-escalation. However, U.S. soybean and grain exports to China look like they will be stopped by Chinese tariffs for the foreseeable future, traders say.
“Forecasts are showing rain in the U.S. Plains in the next week, which will be good for wheat,” the German trader said. “Meanwhile, Russian wheat exports are picking up despite cheap U.S. prices, this competition is not welcome for U.S. and west European exporters.”
Meanwhile, U.S. soybean and corn plantings are also believed to be making good progress with rain not enough to disrupt work, traders said.
Russia’s April wheat exports will reach 2.2 million metric tons, up from 1.9 million tons in March.
This article was generated from an automated news agency feed without modifications to text.
