The long-awaited Phase 1 trade agreement between the U.S. and China has been signed. This is expected to add $12.5 billion in ag sales to China in 2020 and $19.5 billion in 2021. 

While the initial reaction to this would seem to be positive, there remains a large amount of uncertainty surrounding the trade package, including how the purchases will be divided between commodities. The United States also agreed to remove tariffs on $125 billion of Chinese imports but will maintain...