It Was a Week for Trade Deals
There was a lot news headlines last week with the major winter storm moving through the Midwest and then to the East Cost. Then of course it was the U.S. House of Representative Managers delivering the Articles of Impeachment to the Senate for the trial to determine if President Trump will be removed from office. The signing of two major Trade Deals sort of got lost in the other headlines!
It was a big relief to finally get the Phase One Trade Deal with China signed. Even during the Trade War though, China was still purchasing a lot of U.S. soybeans and pork. The U.S. Mexico Canada Trade Agreement (USMCA) was finally passed by the Senate last week too. The USMCA was tied up in the House of Representatives for many months even though it had bipartisan support.
There is a lot of speculation among Trade Experts and Economists about just how much agricultural products China, Mexico and Canada will buy from the U.S. I don't think there is any doubt that long term these trade deals will be beneficial for farmers.