Corn rises from 7-week low, tariff worries cap gains

Chicago corn recovered on Monday from an almost seven-week low, while soybeans rose for the first time in four sessions on bargain-buying, although gains were limited by worries over the impact of U.S. President Donald Trump's tariffs.Wheat jumped more than 1%, rising from Friday's one-month low.FUNDAMENTALS* The most-active corn contract on the Chicago Board of Trade (CBOT) added 0.4% to $4.71-1/4 a bushel, as of 0121 GMT, having dropped to its lowest since January 10 on Friday.* Soybeans rose 0.3% to $10.28-3/4 a bushel and wheat gained 1.2% at $5.62-1/2 a bushel.* Concerns about possible retaliation against U.S. agricultural exports are growing as the Trump administration says new tariffs on imports from Mexico and Canada and additional tariffs on goods from China are set to begin on March 4. * Trump said on Wednesday that the tariffs, already delayed by 30 days for Mexico and Canada, could be delayed again until April 2, but changed tack again in a social media post on Thursday, saying the tariffs would go ahead in March.* China is a major importer of U.S. soybeans and Mexico is a key corn buyer.* The U.S. soybean crush likely slowed in January from a record high in the prior month to 6.333 million short tons, or 211.1 million bushels, according to analysts surveyed by Reuters ahead of a monthly U.S. Department of Agriculture report due on Monday.* Wheat futures derived some support from dry weather in the U.S. Plains as the crop exits dormancy.* Maxar forecast drier weather in the central Plains and eastern Midwest in the next 16-30 days, lowering moisture for winter wheat in those areas.* India will have above-average temperatures in March across most regions following a warmer February, the weather office forecast on Friday, conditions that could threaten winter-sown crops such as wheat, chickpea and rapeseed. * Large speculators cut their net long position in CBOT corn futures in the week to Feb. 25, regulatory data released on Friday showed. * The Commodity Futures Trading Commission's weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and soybeans.MARKET NEWS* Asian share markets dithered on Monday as the threat of imminent tariffs lurked in the background, while bitcoin surged on news it would be included in a new U.S. strategic reserve of cryptocurrencies. DATA/EVENTS (GMT)0145 China Caixin Mfg PMI Final Feb0850 France HCOB Manufacturing PMI Feb0855 Germany HCOB Mfg PMI Feb0900 EU HCOB Mfg Final PMI Feb0930 UK S&P GLOBAL MANUFACTURING PMI Feb1000 EU HICP-X F,E,A&T Flash MM, YY Feb1445 US S&P Global Mfg PMI Final Feb1500 US ISM Manufacturing PMI Feb