China Buys Over 10 Cargoes of US Soybeans Worth $300 Million After Leaders’ Call

China has purchased at least 10 cargoes of US soybeans — worth around $300 million — in deals signed since Tuesday, according to two traders familiar with the transactions. The buying spree came just a day after a phone call between US President Donald Trump and Chinese President Xi Jinping, during which both leaders signaled a renewed push to stabilise trade ties.

The latest purchases — estimated between 10 and 15 cargoes, each carrying 60,000–65,000 metric tons — mark unusually large volumes and extend China’s recent surge in US soybean buying following a thaw in bilateral relations.

All shipments are scheduled for January, departing from US Gulf Coast terminals and Pacific Northwest ports.

Prices Higher Than Brazil’s, but Buying Continues

Despite US soybeans being more expensive than Brazilian supplies, the deals were finalised at premiums of:

• $2.3 per bushel over January CBOT futures (Gulf shipments)

• $2.2 per bushel (Pacific Northwest shipments)

Brazilian soybeans are currently priced at about $1.8 per bushel over the same futures contract.

Agriculture analyst Johnny Xiang, founder of AgRadar Consulting, said commercial buyers will likely continue avoiding high-priced US soybeans as crushing margins "are not financially viable."

State Buyer COFCO Leads Surge

China had largely avoided US soybeans for months amid a tense Washington–Beijing trade standoff. But following late-October talks in South Korea, state-owned COFCO has become the main buyer, booking nearly 2 million tons of US soybeans, according to USDA data.

Even so, purchases are still far below the 12 million tons previously announced by the White House.

US Treasury Secretary Scott Bessent insisted on Tuesday that Chinese purchases are “right on schedule,” pointing to a broader agreement under which Beijing is expected to buy 87.5 million tons of American soybeans over the next three and a half years.