China to buy U.S. soybeans
By TAMMIE SLOUP
FarmWeek
China agreed to purchase US soybeans and other agricultural products as part of an agreement reached by the countries’ leaders on Oct. 30.
Treasury Secretary Scott Bessent said China will start by purchasing 12 million metric tons (mmt) of soybeans from the U.S. between now and January, then purchase 25 mmt of US soybeans annually for the next three years.
Last year, the US exported about 27 million tons to China, according to USDA data.
“It is welcoming to see the announcement of tentative agreements surrounding the restoration of export markets in Asia for our commodities, especially soybeans,” Illinois Farm Bureau President Brian Duncan said. “We have seen the impact the lack of soybean orders have on the bottom line for farmers in Illinois and across the nation. Our goal is to see fair access for our farmers in foreign markets. We continue to advocate for permanent, enforceable trade agreements that open markets, eliminate unfair barriers and give long-term certainty.”
President Donald Trump and Chinese President Xi Jinping outlined the sale of soybeans, sorghum and “other farm products” during a meeting in South Korea. China purported to ease some export controls on processed rare-earth minerals.
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In return, the US will cut tariffs on China by 10%, putting U.S. tariffs on Chinese imports at 47%. The US also will suspend an investigation into Chinese shipbuilding practices and delay a new export restriction rule. The two sides also will pause reciprocal port fees.
A clear picture of the agreement remains murky until more details are shared.
Last year, China imported $1.4 billion worth of Illinois soybeans.
The purported agreement will provide farmers with some relief, as soybean markets had become the clearest signal of stress in US agricultural trade. Agriculture Department data showed soybeans were the largest ag export from the US in 2024, but soybean exports to China this year slipped. During June, July and August, the US shipped virtually no soybeans to China and China had not purchased any new-crop soybeans for the upcoming marketing year. Just prior to the trade meeting in South Korea, China purchased several cargoes of US soybeans — its first known purchase this season.
Bessent said there will be working groups in the coming weeks that will “set very objective measures” on whether China’s commitments are “successful or not.”
Trump previously said his administration would help struggling farmers with a significant aid package, but discussions stalled amid the government shutdown.
American Farm Bureau Federation President Zippy Duvall said AFBF is encouraged by China’s commitment to import soybean and sorghum from the US as trade disputes dealt a blow to farmers who have already been hit hard by high expenses and historically low commodity prices.
“Today’s three-year agreement comes within days of announced trade deals with Malaysia and Cambodia, along with frameworks with Thailand and Vietnam,” Duvall said. “Expanding markets and restoring purchases by China will provide some certainty for farmers who are struggling just to hold on. We appreciate the administration for listening to the needs of America’s farmers. As additional details are made known, we look forward to evaluating how these agreements will benefit the US farm economy.”
This story was distributed through a cooperative project between Illinois Farm Bureau and the Illinois Press Association. For more food and farming news, visit FarmWeekNow.com.
