President Trump’s optimism on the trade deal with China has fallen

The U.S. China trade relationship continues to deteriorate. During a press conference, President Donald Trump gave a negative outlook on the deal despite China stepping up ag purchases in recent weeks.

The President stated, “Speaking about China, the trade deal means less to me now than it did when I made it. When I made it, it was a great deal, but they’re setting records, yesterday was a record corn day... It just means much less to me.”

In addition to corn and soybeans purchases, China is buying more U.S. wheat because of tightening supplies and falling stockpiles. The market expects China to import up to 10 million tons of corn.