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US/China Trade Negotiations Continue

It's a big week for trade in the US, and Canada will be impacted on both fronts.
 
On Wednesday, the US and China signed the first phase of their new trade deal. The US still plans to keep the tariff war going for now, while phase 2 of the trade deal is worked out.
 
On the 2nd front, The US Senate is expected to vote today on the new NAFTA.
 
The expected vote promises sweeping bipartisan support for the legislation that will replace the original NAFTA. Most farm groups in Canada support the deal, but Canada's supply-managed dairy industry isn't as excited.
 
They're being forced to give up more market share to the US. The Trudeau government has been promising them billions in compensation for the loss of that market share.
 
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The 2026 Trump/Xi Summit in China was one BIG disappointment, but the USDA May Crop Report was bullish U.S. wheat. Wheat Quality Council Tour confirmed the lower wheat production from the USDA for Kansas. Could the U.S. drought travel East and North into the top “I” states from June to August of 2026? #1 U.S. pork buyer Mexico bans 10% of supplies. E15 passes through U.S. Congress but will it pass in the Senate? Higher U.S. wholesale inflation reminds us of 2020-2022. Meal futures spiking + CFTC.