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Soybeans Slump to Lowest in a Decade

Escalating trade war dims hopes China will resume U.S. soybean purchases

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Soybean futures fell to the lowest level in a decade as an escalating trade war between the U.S. and China dimmed hopes that the Asian nation will resume purchases of American beans, reports Bloomberg.

Farm commodities from pork to cotton slumped on Monday, with soybeans dipping below $8 a bushel for the first time since 2008, after China said it will raise tariffs on some U.S. goods starting June 1.

Beans for delivery in July pared losses to finish at $8.025 a bushel after President Donald Trump said he’ll meet with China’s Xi Jinping at the Group of 20 summit in Japan in June.

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