China Ramps Up Purchases of US Soybeans After Pause in Trade
Purchases Have Reignited Market Optimism Around the Soybean Trade
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China significantly accelerated its purchases of American soybeans in a move that ends aĚýtemporary pauseĚýand appears to signal a commitment to a trade truce reached late last month.
The U.S. Department of Agriculture on Nov. 18 of soybeans to China for the 2025-2026 marketing year, the biggest daily purchase in two years. That brings China’s total knownĚýpurchases of U.S. soybeansĚýsince early October to just over one million tons.
President Donald Trump said Nov. 18 he wants China to “speed up” soybean purchases, and asked Treasury Secretary Scott Bessent to make the request directly to Beijing. Even so, Trump told reporters in the Oval Office that “our relationship with China has been very good. And as far as buying our farm products, they’re pretty much on schedule.”
Earlier, Bloomberg reported that state-owned agriculture trader Cofco Group booked nearly 20 cargoes of the American oilseed on Nov. 17 for delivery in December and January, according to people familiar with the matter who asked not to be identified because they’re not authorized to speak to media.Ěý
The sales were from Pacific Northwest ports and U.S. Gulf terminals, they said. Cofco did not immediately reply to a request for comment.
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The purchases have reignited market optimism around the soybean trade between the two agricultural powerhouses, which was worth more than $12 billion last year. Until recently, China had held off buying U.S. soybeans for much of the season as the country sought a bargaining chip during tariff negotiations. The move hurt American growers, who have been challenged by inflation and high farming input costs.
Still, U.S. beans are already more expensive than Brazil’s ahead of what’s likely to be another bumper harvest in South America. Industry group Abiove earlier Nov. 18 hiked Brazil’s soy output for the incoming harvest to a new record of 177.7 million tons.
Chicago soybeans were choppy Nov. 18, following a Nov. 17 rally that saw prices at a fresh 17-month high.
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“Traders have one eye on exports and one on South America’s crop-growing weather,” said Total Farm Marketing analyst Naomi Blohm.
Beijing’s latest purchases still leave plenty to be done in the coming months, at a time when stockpiles are plentiful. Washington has said Beijing pledged to buy 12 million tons of U.S. soybeans by end of this year, followed by 25 million tons annually over the next three years.Ěý
While China has yet to confirm the specific purchase commitments, it has moved toĚýreduce tariffsĚýon the crop and lifted import bans on three American exporters, including CHS Inc., reciprocating similar conciliatory actions from the U.S.Ěý
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“Close attention will be paid as to whether China continues to secure U.S. soybeans,” AgResource Co. said in a note, adding that U.S. soybeans were being purchased at a premium to Brazilian prices.
“The point is that China did not want to buy U.S. soybeans — it was a political push from the Trump administration,” AgResource said in a separate note. Still, it expects additional purchases from China will be announced Nov. 19.
Written by Hallie Gu, Erin Ailworth and Michael Hirtzer
