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China buys more U.S. soybeans as agricultural trade ramps up
Momentum follows Trump-Xi summit in May
Key Takeaways:
- China stepped up U.S. soybean purchases with Cofco booking at least six cargoes for September-October after a May summit between President Donald Trump and President Xi Jinping.
- The buying supports a pledged agricultural deal including at least $17 billion in products and 25 million tons of soybeans annually, though Beijing has not confirmed U.S. figures.
- Markets and policymakers now look to further trade talks and a potential Trump-Xi meeting in September as farmers await additional Chinese demand amid weakening sentiment.
China has purchased more soybeans from the U.S., according to people familiar with the matter, as the key agricultural trade gains momentum following a summit between the leaders of the two nations in May.
State-owned firm Cofco has booked at least six cargoes of U.S. soybeans for loading between September and October, said the people, who asked not be named as they are not authorized to speak to the media. The U.S. Department of Agriculture said last month that Chinese buyers had already committed to buying 200,000 tons of American beans.
READ MORE: EU aims to cut dependency on U.S. soy, oilseed imports
Cofco Group didn’t immediately respond to requests for comment. The USDA also did not confirm any new exports, although the agency reported a sale of 105,000 tons of US soybean meal to Colombia.
The White House said China has agreed to buy at least $17 billion of agricultural products, in addition to at least 25 million tons of soybeans each year through 2028, after the summit between President Donald Trump and his counterpart Xi Jinping. Beijing hasn’t confirmed any of the numbers stated by the U.S.
Soybean futures in Chicago climbed to $11.98 a bushel, the highest intraday level in over a month, before turning narrowly lower. Soybeans on July 6 surged 3.9%, the biggest gain since June 2023.
June-2026-Ag-Economy-Barometer-Report
Earlier this year, China fulfilled a previous pledge to purchase 12 million tons of American soybeans, after holding off buying for much of the season as the Asian nation sought a bargaining chip during negotiations over tariffs.
Beijing and Washington are seeking to roll back duties on some agricultural products after recent talks, China’s Ministry of Commerce said last week, as they look to preserve a broader trade truce struck last year. Trump said recently he expects to meet President Xi again in September.
As U.S. farmers await more sales to China, sentiment among growers fell for the third straight month, with the complaints over high costs, according to Purdue University and the CME Group’s June survey released July 7.
