The U.S.-China trade war has hammered the grain markets recently, as grain market prices are at or near their recent for-the-move lows. Weather in the U.S. Corn Belt has been non-threatening for the corn and soybean crops, with USDA crop ratings very high for this time of year. However, U.S. export demand for corn and soybeans has been strong recently, and it’s my bias that grain prices at present levels are under-valued based upon world supply and demand fundamentals. At some point the extremely bearish psychology in the grain markets will change, and probably sooner that most market watchers reckon. Stay tuned!