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. China’s foreign ministry said that officials were still
-- Soybean and corn futures slumped after tweets from Donald Trump that threaten an escalation of the U.S.-China trade war.
“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. “We expect volatility to remain quite elevated until we see some type of clarity on the situation.” Even before Trump’s latest missive, investors were ready to throw in the towel on crop prices. The pig-disease outbreak has forced China to cull more than 1 million hogs, denting the outlook for grain use in livestock feed. A measure of combined hedge fund net-short positions across corn, soybeans and wheat is at its most bearish since the data begins in 2006, a U.S. Commodity Futures Trading Commission report on Friday showed.
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