By Hallie Gu and Alfred Cang
China has purchased roughly 12 million tons of U.S. soybeans in the last three months, clearing a closely watched trade hurdle and meeting a key pledge outlined by the Trump administration in November.
The world’s top consumer had been hovering close to the target for days and has now booked enough cargoes to meet it, according to traders familiar with the shipments. They asked not to be named as they are not authorized to speak with the media.
China had avoided U.S. crop purchases for months prior to trade talks between U.S. President Donald Trump and Chinese leader Xi Jinping, as tariffs ratcheted higher — but it returned to the market in late October, just before a much-anticipated summit. The White House subsequently announced that Beijing had agreed to buy at least 12 million tons of American soybeans in 2025, a deadline that later shifted to February.
While China hasn’t publicly acknowledged the commitments, authorities have taken some steps that facilitated the buying, including reducing tariffs and lifting import restrictions on three U.S. suppliers.
The current tally reflects continued bookings by state-owned firms in recent weeks, the people said. Export data from the U.S. Department of Agriculture, which lags real time, puts China’s purchases at just over 8 million tons as of Jan. 8. The majority of cargoes are slated to load through the first quarter, the traders said, with a significant amount expected to head into China’s massive state reserves.
Soybean futures in Chicago rose slightly in Tuesday trading, reaching a one-week high.
A large portion of the purchases was procured by Sinograin, the state company charged with managing those strategic stockpiles. Beijing also held several soybean auctions in recent weeks, an indication that room is being cleared for more incoming cargoes.
Reaching the apparent target, while widely expected, is likely to bolster confidence among traders and exporters that China could also meet a broader goal — outlined by the White House — of buying at least 25 million tons of U.S. soybeans annually through 2028.
It does not, however, point to a fundamental shift in China’s purchasing patterns. As part of its food security push, the country has made significant efforts to diversify suppliers and reduce reliance on U.S. crops since the trade war in Trump’s first term. Economic challenges have also curbed demand, while top grower Brazil is heading toward another bumper harvest.
China has largely covered its demand through March. It is now also booking new-crop soybeans from Brazil for loading in months as far as August, the traders said.
“That’s going to be an upcoming issue: whether we can count on China to continue to buy after that 12 million or not,” said Randy Place, senior grains analyst at the Hightower Report.
© 2026 Bloomberg L.P.