Soybeans News Updates

The uncertainty has weighed on soybean prices, with Chicago futures headed for a weekly drop of around 4.5%, the most in nearly a year.

China’s imports of canola and canola products from Canada — a trade valued at C$4.9 billion ($3.6 billion) in 2024 — had plunged last year after Beijing imposed steeps levies on the goods.

Treasury Secretary Scott Bessent said Jan. 20 in an interview on Fox Business that Vice Premier He Lifeng confirmed to him that China has completed their soybean purchases.

“This is kind of a Band-Aid — we need more markets more than we need aid,” said Missouri farmer Marty Richardson, adding that he feels like 2026 will be just as bad as this year.

China is expected to step up U.S. soybean purchases to meet a pledge to buy at least 12 million tons by the end of the year, underscoring a wider market hope that a fragile trade truce can hold.

The warming of ties between the U.S. and China have boosted crop prices, with soybeans hovering near the highest levels since June 2024.

The U.S. Department of Agriculture on Nov. 18 announced the sale of 792,000 tons of soybeans to China for the 2025-2026 marketing year, the biggest daily purchase in two years.

Soybean futures jumped on signals that China is stepping up buying of the oilseed, offering hope for U.S. farmers after purchases appeared to have stalled.

After a flurry of orders late last month — which were the first of this season — Chinese imports of U.S. cargoes seem to have faltered, according to traders who asked not to be identified.

The pause is fueling uncertainty over whether the biggest consumer of American soybeans will import as much as President Donald Trump’s administration claims to expect.