European Union tariffs will limit U.S. corn imports, but soybeans are less risky for now

Gold Ten Futures, April 9, according to foreign media reports, European Union member states have approved a preliminary list of tariffs on US goods, allowing the European Union to impose tariffs on some products as early as next week. Traders and industry representatives said it is expected to prevent a large amount of US corn from flowing into Europe and increase the cost for buyers to find alternative feed grain supplies. So far, the reaction in the grain market has been calmer, as traders are unsure whether the tariffs will remain in place or be removed as a result of the negotiations. The European Union will impose a 25% tariff on corn from April 15 in response to US steel and aluminum tariffs. The European Union imports far more soybeans than corn from the United States, which will be subject to tariffs from December 1.