China has purchased at least 10 cargoes of US soybeans worth around $300 million in contracts signed since Tuesday, sources said, following a phone call between US President Donald Trump and Chinese President Xi Jinping.
The acquisitions, each cargo weighing roughly 60,000–65,000 metric tonnes, mark an unusually large volume of buying amid a recent thaw in US-China trade relations. The shipments are scheduled for January from Gulf Coast and Pacific Northwest ports.
Trump described his discussion with Xi as positive, stating that relations with China were “extremely strong” and that he had urged the Chinese leader to accelerate and increase purchases of American goods. According to traders, Xi “more or less agreed” during the call. The purchases follow a broader surge in Chinese buying after late-October talks between the two leaders in South Korea.
Despite US soybeans being priced higher than Brazilian supplies, China has proceeded with the deals. Traders reported that China paid around $2.3 per bushel for Gulf Coast shipments and $2.2 per bushel for Pacific Northwest deliveries, compared to roughly $1.8 per bushel for Brazilian soybeans.
Johnny Xiang, founder of Beijing-based AgRadar Consulting, noted that commercial buyers would generally avoid US imports at these higher prices, as crush margins were not financially viable.
State-run grain buyer COFCO has led the purchases, securing nearly 2 million tonnes of US soybeans since late October, according to USDA data.
While these purchases remain below the 12 million tonnes previously announced by the White House, US Treasury Secretary Scott Bessent said on Tuesday that China’s soybean buying was “right on schedule,” in line with an agreement for Beijing to purchase 87.5 million tonnes of US soybeans over the next three-and-a-half years.
The renewed demand signals a continued warming in trade relations between the two countries, following months of tense negotiations and reduced Chinese purchases amid the US-China trade standoff.
Analysts suggest that this surge could support US soybean prices and export activity in the early months of 2025, while demonstrating China’s willingness to honor long-term commitments despite short-term price discrepancies with competitors like Brazil.
