China purchases first cargoes of U.S. soybeans this season

China has bought at least two cargoes of U.S. soybeans, its first known purchase this season, which may mark a revival of flows as part of a wider settlement expected to be agreed between the two biggest economies this week.

The shipments are booked for loading and possible delivery later this year, according to people familiar with the matter. They asked not to be named as they are not authorized to speak to media. 

Chinese and U.S. officials reached a broad framework agreement over the weekend in Malaysia, paving the way for Chinese leader Xi Jinping and U.S. President Donald Trump to finalize a trade deal that would roll back many of the tariffs, fees, and export restrictions threatened or implemented in recent weeks. The two are due to meet on Thursday.

Today’s purchase by China of multiple ships of American soybeans signals @POTUS’ strong dealmaking and a positive step forward for our farmers.
This purchase, coming directly ahead of the Trump-Xi talks, shows that America means business and that we will restore balance, give…

— Secretary Brooke Rollins (@SecRollins) October 29, 2025

“This purchase, coming directly ahead of the Trump-Xi talks, shows that America means business and that we will restore balance, give U.S. producers the opportunities they’ve earned, and send a message that when America leads in agriculture, the world listens,” US Agriculture Secretary Brooke Rollins said in a posting on X.

The news is a “wonderful” sign for Thursday’s meeting, U.S. Commerce Secretary Howard Lutnick said on the sidelines of the APEC summit in South Korea.

Traders remained cautious. Chicago soybean futures were down 0.3% at $10.9225 per bushel as of 8:59 a.m. in Chicago. 

“The news is no doubt positive, but the markets will be waiting to see what are the details of the agreement,” said Chris Nikolaou, general manager of Advantage Grain, an Australian agricultural marketing company. “It’s definitely good for international demand, producers and the Chinese consumers.” 

Beijing had shunned US soybeans so far this export season, using the commodity as a bargaining chip in its trade war with Washington. Chinese crushers turned instead to South America for record shipments and have built ample supplies. But the diversification also exposed them to higher costs and weather-related risks.

U.S. Treasury Secretary Scott Bessent had said that he expected the Asian nation to make “substantial” soybean purchases after American and Chinese negotiators came to terms on a range of contentious points at talks over the weekend.

An agreement between the world’s two biggest economies could restart a trade that was worth more than $12 billion last year, reopening access to the world’s largest consumer of soybeans to US growers who have faced prolonged financial strain. 

Grains traders have been optimistic that China and the U.S. would reach an agreement this week on agricultural products, prompting a rise in soybean prices in Chicago. However, they remain cautious about how much American soy China will actually buy this season.

It’s unclear if China will commit to fixed volumes of U.S. soybeans, and there’s uncertainty over how any deal would be implemented. With Chinese soymeal prices still weak, even a rollback of tariffs to pre–trade war levels may not make it profitable for Chinese crushers to take American beans, the people said. 

A resurgence in imports from what was previously China’s second-largest source of soybeans could help reduce costs. However, a sudden influx of cargoes from the U.S. could put additional pressure on prices of processed products such as soybean meal. American shipments of corn and wheat to China have also plunged to almost zero as Beijing restricted imports to protect farmers. 

China’s appetite for U.S. soybeans may also be tempered as the world’s second-largest economy struggles to regain growth momentum, limiting demand for animal feed and food. Moreover, Beijing’s long-term strategy to diversify suppliers and reduce reliance on the US is expected to remain in place.