05/08/2025 Rumbling, Stumbling, the First Trade Deal is Here

On the Grains
Good morning. Yesterday’s announcement of the US/China meeting to discuss trade gave life to the markets early, but as the day wore on, they faltered. President Trump announced that he wouldn’t lower tariffs for China in a good-faith effort ahead of the meetings.  All markets are in a “show me” mindset and will likely stay there until announcements are made. Even after the announcements, I want to see it and believe it. A United States/United Kingdom agreement is expected to be announced today. While probably not a big deal for agriculture, it outlines what future agreements will look like.