Chicago Board of Trade (CBOT) agricultural commodities traded lower on Wednesday morning, with soybean futures dropping over 30 cents, after China announced tariffs on US soybean.
May corn was 6.5 cents lower at 3.82 US dollars per bushel as of 1530 GMT, May wheat was 1.75 cents lower at 4.56 dollars, while May soybean was down 32.25 cents at 10.0575 dollars.
China on Wednesday unveiled a list of products worth 50 billion US dollars imported from the United States that will be subject to higher tariffs, including soybean, automobiles and chemical products.
The Customs Tariff Commission of the State Council has decided to impose an additional tariff of 25 percent on 106 items of products under 14 categories, the Ministry of Finance (MOF) said in a statement on its website.
The move came after the US administration announced a proposed list of products subject to additional tariffs, which covers Chinese exports worth 50 billion dollars with a suggested tariff rate of 25 percent.