Wheat futures dropped from a seven-week high to around $5.55 per bushel following concerns that the trade tariffs imposed by the Trump administration could escalate into a broader trade war, affecting agricultural commodities. President Donald Trump announced a 25% tariff on imports from Canada and Mexico, and a 10% levy on Chinese goods. In retaliation, Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum introduced counter tariffs, while China has yet to announce its response. Meanwhile, Argentina saw a 36% year-on-year increase in grain sales in January, thanks to a temporary tax reduction on grain shipments aimed at supporting the sector, which has struggled due to drought and low market prices.

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