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)