GRAINS-Corn drops 1.5% on US tariffs; wheat, soybeans down

SINGAPORE, Feb 3 (Reuters) - Chicago corn futures slid more than 1% on Monday, dropping to their lowest in three weeks, while soybeans and wheat dropped after U.S. President Donald Trump imposed tariffs on Canada, Mexico and China, threatening to disrupt trade.

FUNDAMENTALS

* The most-active corn contract on the Chicago Board of Trade (CBOT) fell 1.5% to $4.74-3/4 a bushel as of 0137 GMT, the lowest since Jan. 13. Wheat Wv1 lost 0.9% to $5.54-3/4 a bushel and soybeans Sv1 shed 0.6% to 10.36 a bushel.

* Donald Trump on Saturday ordered sweeping tariffs on goods from Mexico, Canada and China, kicking off a trade war that could dent global growth and reignite inflation.

* In three executive orders, Trump imposed 25% tariffs on Mexican and most Canadian imports and 10% on goods from China, starting on Tuesday.

* Canadian Prime Minister Justin Trudeau said Canada would respond with tariffs, Mexican President Claudia Sheinbaum said she was instructing her economy minister to implement retaliatory tariffs. China's Commerce Ministry did not specify its planned countermeasures.

* While Mexico is the biggest importer of U.S. corn, China is the No. 1 market for U.S. soybeans. Mexico, Canada and China import several agricultural goods from the U.S., including wheat.

* India is set to see above-average temperatures in February after a warmer-than-normal January, the weather office said on Friday, posing a risk to key winter-sown crops such as wheat, rapeseed and chickpeas.

* Large speculators raised their net long position in CBOT corn futures in the week to Jan. 28, regulatory data showed.

* The Commodity Futures Trading Commission's weekly commitments of traders report showed that non-commercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and raised net long position in soybeans.

MARKET NEWS

* Asian stock markets slumped on Monday and U.S. equity futures pointed sharply lower after U.S. President Donald Trump's tariffs on Canada, Mexico and China triggered fears of a broad trade war and hit to global growth. MKTS/GLOB

DATA/EVENTS (GMT)

0850 France HCOB Manufacturing PMI Jan

0855 Germany HCOB Mfg PMI Jan

0900 EU HCOB Mfg Final PMI Jan

0930 UK S&P Global Manufacturing PMI Jan

1000 EU HICP Flash YY Jan

1000 EU HICP-X F,E,A&T Flash MM, YY Jan

1445 US S&P Global Mfg PMI Final Jan

1500 US ISM Manufacturing PMI Jan

(Reporting by Naveen Thukral; Editing by Sumana Nandy)

((naveen.thukral@thomsonreuters.com; +65-6870-3829; Reuters Messaging: naveen.thukral.thomsonreuters.com@reuters.net))