The G-20 summit is scheduled to begin Friday in Buenos Aires. All eyes will be on President Trump and Chinese leader Xi JinPing and efforts to end the ongoing trade war between the two countries. The two leaders plan to hold a working dinner Saturday night.
The Ag Industry is watching closely as the meeting could set the table for years to come.
Market analyst Bill Biedermann spoke to AgDay-TV host Clinton Griffiths about what's at stake in this one meeting.
"I think this is the biggest meeting that I can remember in my 40 years of doing this," said Biedermann. "I think it could have a long-term impact on the country."
He said right now everyone is a gambler ahead of the trade discussions.
"If you have an agreement you know you're going to be chasing these markets," said Biedermann. "On the other hand, if they don't have an agreement why would the market rally at any price."
Looking at past performances by President Trump ahead of trade negotiations, Biedermann said tough talk appears to be a tactic.
"When we met with the EU he postured himself as this isn't going to work," said Biedermann. "What that's done is lowered the expectations of the public."
With China, Biedermann says any continued talks are positive.
"He set himself up to go into a meeting where if he comes out with anything it sounds like a pretty big victory," says Biedermann. "I think they're going to come out with some kind of agreement or why would they even be getting together?"
Watch the entire interview including insights on how fragile the U.S. and Chinese economies are to a trade war and what Biedermann expects grain prices to do given the current fundamentals in the video above.