CHICAGO, June 14 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities settled lower for the second consecutive session on Thursday, as investors widely worried about renewed trade tensions between China and the United States.
A U.S. media report that the Trump Administration is moving to place 50 billion U.S. dollars of tariffs on Chinese goods pushed CBOT agricultural futures lower on Wednesday.
The most active corn contract for July delivery fell 13 cents, or 3.46 percent to close at 3.63 dollars per bushel. July wheat delivery dropped 15 cents, or 2.9 percent to close at 5.015 dollars per bushel. July soybean delivery went down 8.75 cents, or 0.93 percent to close at 9.2725 dollars per bushel.
The decline in soybean futures has been less than the grains as traders await the decision from U.S. President Donald Trump on Chinese trade tariffs, which according to media reports could come as early as Friday.
Wheat futures also fell sharply with investors continuing to push back against a sharp rally on Tuesday amid abundant global supplies.
Weather forecasts for crop-boosting weather in key growing areas of the U.S. Midwest pushed corn futures to multi-month lows on Thursday, traders said.
Researcher Informa reportedly on Wednesday raised its estimate for 2018 U.S. corn acres to 88.7 million vs. the U.S. Department of Agriculture (USDA)'s March outlook for 88 million, while the firm sees U.S. soybean acres at 89.9 million, up from the USDA's 89-million-acre forecast.
