CBOT soybeans fall sharply amid trade war fear

CHICAGO, March 23 (Xinhua) -- Chicago Board of Trade (CBOT) futures were trading lower on Friday morning with soybeans plunging amid concerns over trade war between the United States and China.

As of 1506 GMT, May corn was down 1.5 cents at 3.745 U.S. dollars per bushel, while May wheat was down 3.75 cents at 4.52 dollars and May soybeans down 9.25 cents at 10.205 dollars per bushel.

U.S. President Donald Trump on Thursday signed a memorandum that could impose tariffs on up to 60 billion U.S. dollars of imports from China, the latest unilateral move that could draw retaliation from China and lead to trade war.

The American Soybean Association (ASA) expressed its concern that China may impose tariffs on the oil seeds it sells to China. If that happens, soybean prices would likely fall to lower levels.

"There is a real struggle in agriculture to keep everything going right now. It's extremely frustrating to have the administration taking aim at our largest trading partner," said ASA President John Heisdorffer. Enditem