Details remain scarce on the framework agreement of a trade deal between the United States and China although some optimism has returned to the soybean complex in the ag marketplace. Chinese officials did confirm some of the details of the framework agreement according to Jim McCormick, co-founder of AgMarket.net, but he says that the 13 percent tariff remains in place on U.S. soybeans.
McCormick explains the situation for United States soybeans with Brazil still the cheaper option for China to buy soybeans from.
McCormick says the trade agreement has still not been officially finalized between the United States and China.
On Wednesday, January soybeans closed up 12 and ¾ cents at $11.34 and ¼. To reach the team at AgMarket.net visit www.AgMarket.net.
