China signals tariff cuts, advances in farm market access after Trump-Xi summit

AI Summary

After a summit between Trump and Xi, China indicates it will reduce soybean tariffs by 10 percent, potentially allowing private crushers to resume purchases. This marks a significant development in the agricultural trade relationship between the U.S. and China.

Market watchers expect a 10 percent cut in soybean tariffs, which could allow private Chinese crushers to resume purchases that were largely sidelined during last year's US harvest, when state crop traders were the only buyers.