By Hallie Gu and Alfred Cang
China bought at least four U.S. soybean cargoes after a summit between President Donald Trump and his counterpart Xi Jinping, as Beijing moves to boost purchases of American farm goods following a trade truce.
The cargoes are for shipment later this year and in early 2026, and the total volume is about 250,000 tons, said people familiar with the matter, asking not to be identified because they’re not authorized to speak to media. The soybeans will be shipped from the Pacific Northwest and U.S. Gulf, they added.
President Trump said China will purchase a “tremendous” amount of American soybeans after a meeting with Xi on Thursday to hammer out a wide-ranging trade deal. Futures in Chicago have rallied this week to the highest level in almost 16 months in anticipation of a trade breakthrough.
China booked its first U.S. soybean cargoes earlier this week, just days before the summit between Trump and Xi, lifting a months-long pause that had hurt American farmers. The U.S. trade with China was worth more than $12 billion last year, but Beijing has sought to diversify its supply in recent years.
U.S. Agriculture Secretary Brooke Rollins said in a post on X that the Asian nation agreed to buy at least 12 million tons this year, providing some context around volumes after the summit ended without those details. Sales would rise to 25 million tons annually over the next three years, she added, which would bring them closer to typical levels.
“That’s good news for farmers, assuming the agreement holds, and indicates an intention on both sides for ag trade to go back to normal,” said Even Pay, director at Beijing-based advisory firm Trivium China.
Traders and crushers expect China to roll back an additional 10% tariff on U.S. soybeans, which was implemented earlier this year as part of countermeasures against Washington — though Beijing hasn’t been explicit on this yet. However, even with that cut, American cargoes would still incur 13% duties, making them uncompetitive with Brazil, the Asian nation’s top supplier.
China’s recent purchases have likely been made by state-owned firms, including Cofco Group, people familiar said. More buying is expected, but there’s little incentive for commercial crushers to turn to U.S. supplies just yet because it remains unprofitable, even with some tariffs removed, they added.
Cofco Group didn’t immediately reply to an email seeking comment.
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