Soybean and corn futures slumped after tweets from President Trump that threaten an escalation of the U.S.-China trade war, reports Bloomberg.
The Bloomberg Grains Subindex Total Return tumbled to the lowest since 1977. The prospect of an end to the crippling tariffs that Beijing imposed on U.S. soy, corn and wheat exports was one of the few positives for American agriculture markets.
“A single Trump tweet erases any optimism of a trade deal this week,” Jacob Christy, a trader at The Andersons Inc., said in a video posted online.
