By Francesca Fontana

Corn and soybean futures fell after the U.S. enacted additional tariffs on Chinese goods, and experts say grain traders and farmers are anxiously awaiting a resolution to the present stalemate.

Soybean contracts for November delivery fell 1.2% to $8.14 at the Chicago Board of Trade. December corn contracts fell 1.4%, and wheat futures rose 0.8%.

President Trump said he will impose new tariffs on $200 billion of goods from China, which was the largest consumer of U.S. soybeans. China vowed to retaliate, with the country's Commerce Ministry saying in a statement that China "has no choice but to undertake synchronous retaliation."

Harvest has begun in earnest, which already puts some pressure on futures, said Virginia McGathey, a grain options trader at the Chicago Board of Trade, and trade escalation will only weigh prices down more.

"This announcement [of tariffs] couldn't have come at a more inopportune time," said Ms. McGathey.

Since the initial tariffs on U.S. goods were implemented earlier this year by China, soybean traders and farmers have struggled, having lost their biggest buyer, said Dan Basse, president of AgResource Co., a research firm. The bountiful harvest expected this season makes the matter worse.

"Chinese buyers are not coming back for U.S. soybeans anytime soon," Mr. Basse said, adding that "if farmers are not making money on soybeans, they will plant more corn next year, which leads to a bounty of corn."

Meanwhile, wheat futures moved higher on poor conditions abroad, as recent cold weather in Australia could lead to crop losses and offer U.S. wheat producers possible export opportunities, experts said.

Write to Francesca Fontana at francesca.fontana@wsj.com

(END) Dow Jones Newswires

September 18, 2018 15:47 ET (19:47 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.