March 14, 2018 / 2:31 AM / 10 months ago

GRAINS-Corn retreats from 7-month high as sentiment sours on mounting trade war fears

    * Market spooked as U.S. Secretary of State fired 
    * Soybeans fall as China may switch to S. American supplies
    * Wheat falls, extends losses into second session

    By Colin Packham
    SYDNEY, March 14 (Reuters) - U.S. corn futures fell on
Wednesday, retreating from a seven-month high touched in the
previous session, as fears mounted about U.S. protectionist
trade policies with the firing of U.S. Secretary of State Rex
    Soybeans edged lower, under additional pressure from the
threat of China switching demand to South America sellers, while
wheat also ticked lower.
    The most active corn futures on the Chicago Board Of Trade
 fell 0.4 percent to $3.84-3/4 a bushel by 0212 GMT, having
firmed 0.3 percent on Tuesday when prices hit $3.95-1/4 a
bushel, the highest since July 2017.
    "Market sentiment has soured amid fears of potential
widening of U.S. tariffs and the departure of Tillerson," said
one Melbourne-based grains trader, who declined to be named as
he is not authorised to the talk to the media.
    U.S. President Donald Trump on Tuesday fired Tillerson,
widely seen as a moderate, replacing him with loyalist CIA
Director Mike Pompeo, igniting fears of potential geopolitical
    Corn had previously found support amid rising demand for
U.S. supplies.
    South Korean importers bought over 1 million tonnes of corn
in the past week, much of it from the United States, European
traders said.
    The U.S. Department of Agriculture separately announced a
sale of 210,000 tonnes to South Korea of corn that could be U.S.
grain or shipped from another country.
    The most active wheat futures were down 0.4 percent at
$4.84-3/4 a bushel after closing down 1 percent in the previous
    The most active soybean futures were down 0.1 percent
at $10.47-3/4 a bushel after closing up 0.7 percent in the
previous session.
    Despite edging lower, soybean continue to draw support from
fears around production in Argentina.
 Grains prices at  0212 GMT
 Contract       Last  Change  Pct chg   Two-day chg    MA 30  RSI
 CBOT wheat   484.75   -1.75   -0.36%        -1.22%   478.38   52
 CBOT corn    390.00   -1.75   -0.45%        -0.19%   378.49   74
 CBOT soy    1047.75   -1.00   -0.10%        +0.65%  1033.81   49
 CBOT rice     12.32   $0.04   +0.37%        +0.08%   $12.42   39
 WTI crude     60.79   $0.08   +0.13%        -0.93%   $61.99   40
 Euro/dlr     $1.240  $0.001   +0.10%        +0.57%              
 USD/AUD      0.7867   0.001   +0.13%        -0.06%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 (Reporting by Colin Packham; Editing by Sunil Nair)
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