Analysts in the U.S. are waiting on the Chinese to make their move.
Dan Basse is president of AgResource Company in Chicago.
"We have this phase one agreement, the agreement was signed on the 15th of January. There's a 30-day period to implement that agreement. That means February 15th, which is this weekend. So next week we'll really start to see if the Chinese have any intentions of buying U.S. grains or ag products. It will be very important to the markets. There may be a little bit of flexibility to coronavirus, but overall the traders here want to see, taste and feel the Chinese demand before they get too rambunctious on the long side of the market."
The USDA released its February WASDE report Tuesday morning, which Basse says was very conservative with estimates about the Chinese phase one agreement.
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