Chicago Board of Trade corn and soybean futures fell on Monday, with traders hedging their positions in case the Trump administration implements tariffs on goods from major U.S. trading partners, according to analysts.
U.S. soybean and corn futures on Friday fell from multi-month highs after Argentina said it would lower grain export taxes, fueling expectations the United States will face tougher competition for sales on the global market.
Chicago Board of Trade corn futures resumed a rally on Thursday as concerns over dryness in Argentina and tighter U.S. stocks propelled futures to the highest price seen in more than 14 months, traders said.
Chicago Mercantile Exchange live and feeder cattle futures climbed to life of contract highs on Wednesday, as funds took a massive net long position, analysts said.
Chicago corn and soybean futures eased from the previous session's multi-month peaks on Wednesday on profit taking and timely rains forecast for Argentina, said analysts.
Chicago Board of Trade corn futures hit a fresh one-year high on Tuesday, as the tariffs promised by newly sworn-in U.S. President Donald Trump did not materialize, traders said.
Chicago Mercantile Exchange cattle futures were mixed as trade resumed following the U.S. long weekend. Most active April live cattle futures closed with small losses, reaching 197.325 cents per pound, down 0.175 cents. February live cattle gained 0.300 cents to close at 197.050 cents per pound.
U.S. corn futures climbed two per cent to a fresh one-year high on Friday and soybeans rose about 1.5 per cent ahead of a long holiday weekend, lifted by Argentine weather worries and cautious optimism about U.S.-China trade relations, analysts said.