The imposition of trade tariffs on imports from China and that country’s corresponding retaliation against imports from the U.S. have had a profoundly negative impact on corn, wheat and soybean prices since negotiations broke down. These trade issues have overwhelmed some bullish fundamental news for U.S. wheat and corn even though Chinese imports of those commodities are insignificant. The table below shows U.S. export sales of corn, wheat, sorghum and soybeans to China from 2014/15 through 2017/18 to date.

Import tariffs on corn and wheat to China will not affect overall U.S. exports of those grains. As the table indicates, however, sorghum is a different story. Remember that China replaced corn imports with sorghum imports from...