Soybeans Global soybean markets have been quiet these past few weeks with trading houses very cautious since any agreement between the U.S. and China could quickly bring basis down. China clearly must import at least 3-5 MMT of U.S. soybeans in its best-case scenario and should normally import 25-30 MMT. Nevertheless, the U.S. is neither selling nor shipping any to China at this time. The trade war’s impact is evident in that the U.S. Gulf did not ship a single kilo to China in May or June versus a few vessels each month during March and April. Even those volumes were reduced as traders were growing nervous about the eventual tariffs and played it safe by limiting U.S. purchases. Chinese buyers keep saying that even if basis calcula...