Chicago Board of Trade (CBOT) agricultural commodities closed lower on Wednesday, with soybean futures dropping over 2 percent after China announced tariffs on U.S. soybean, corn, beef and other goods.

Chicago corn futures also fell sharply, then recovered a portion of the heavy losses.

The most active corn contract for May delivery fell 7.5 cents, or 1.93 percent at 3.81 dollars per bushel. May wheat delivery went down 1.75 cents, or 0.38 percent to close at 4.5575 dollars per bushel. May soybeans dropped 22.75 cents, or 2.19 percent to settle at 10.1525 dollars per bushel.

China on Wednesday unveiled a list of products worth 50 billion U.S. dollars imported from the United States that will be subject to higher tariffs, including soy bean, automobiles and chemical products.

The move was taken after the Trump administration announced a proposed list of products subject to additional tariffs, which covers Chinese exports worth 50 billion dollars with a suggested tariff rate of 25 percent.

The date of implementation will depend on when the U.S. government imposes the tariffs on Chinese products, China's Ministry of Finance said.

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