China’s offer to return to normal levels of agricultural commodity buying from the U.S. is underwhelming. China’s waiver of higher tariffs on 10 MMT of soybeans doesn’t mean they will be purchased from the U.S. and there is a vague commitment to eventually purchase $50 billion worth every year, depending on market conditions, when a final trade agreement is reached. But, there are rumors of no commitments at all until and unless the punitive tariffs are removed by Washington. As noted previously, most such buying agreements offer up specific numbers but then have “get out of jail for free” language that the buyer can exercise. As former President Ronald Reagan said of nuclear missile agreements with the Soviet...

TAGS – Feed Grains, Soy & Oilseeds, Wheat, Livestock, China, North America