Chicago soybean futures lower in morning trading amid renewed trade tensions

CHICAGO - Chicago Board of Trade (CBOT) agricultural commodities traded lower Thursday morning, with soybean futures falling over 9 cents, as renewed trade tensions between China and the United States exerted pressure on the US agricultural products.

July corn was 11 cents lower at 3.65 US dollars per bushel as of 1540 GMT, July wheat was 17.25 cents lower at 4.9925 dollars, July soybean was down 9 cents at 9.27 dollars.

The decline in soybean futures has been less than the grains overnight as traders await the decision from US President Donald Trump on Chinese trade tariffs, which according to media reports could come as early as Friday.

The reports rattled Chicago grains markets on Wednesday, as grain futures have been whipsawed by fears of a renewed trade tension between the world's top two economies and by worsening trade ties between Washington and its traditional allies Mexico, Canada and the European Union.

Researcher Informa reportedly on Wednesday raised its estimate for 2018 US corn acres to 88.7 million vs. the US Department of Agriculture(USDA)'s March outlook for 88 million, while the firm sees US soybean acres at 89.9 million, up from the USDA's 89-million-acre forecast.