With a trade agreement "in principle" built between the U.S. and Japan, and the potential approval of the U.S.-Mexico-Canada agreement sometime soon, the U.S. is poised to have free or low-tariff trade agreements in place with the top three markets for U.S. agricultural goods.

"There is such a thing as a bright spot in trade," said Iowa Farm Bureau Senior Economist Sam Funk. "There are a lot more pros than cons with what’s ahead."

Funk presented his...