Crop Futures Drop on Fear U.S.-China Spat May Disrupt Trade Deal

Crop futures declined in Chicago on concerns that worsening U.S.-China relations could derail purchases of American farm products under the phase one trade deal. Soybeans fell for a second day and corn dropped for a third, while wheat snapped a three-day gain. Tensions have flared over China’s handling of the coronavirus and the country’s access to U.S. capital markets, while there are long-standing differences over Taiwan, Hong Kong and the South China Sea. President Donald Trump suggested this week that leader Xi Jinping is behind a “disinformation and propaganda attack on the United States and Europe.” Still, speaking at the National People’s Congress in Beijing on Friday, Premier Li Keqiang said China remains committed to implementing the terms of the phase one trade deal. Separately, the country will build a response plan to ensure food security in the face of the Covid-19 pandemic, according to a report by the National Development and Reform Commission.   (Bloomberg)