With the USDA Supply and Demand report out of the way, traders are focusing on the Phase One signing with China. Cornbelt Marketing market analyst Larry Clay isn’t expecting this to cause wild market moves. “The tariffs started in May 2018. In August 2018, African swine fever hit. We’ve been conjecturing since then what the Chinese will do,” says Clay. “One day we’re up, because they’re going to exceed expectations on demand on ag products. The next day the markets are lower, because that wasn’t true.” Clay says getting the Phase One deal signed will be a relief. “I’m just glad we will have this first signing on the books and it will be a boost, at least psychologically.”
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