China buys US soybeans for first time since September summit
What Happened
Chinese state-owned traders have purchased 8-10 Panamax cargoes of US soybeans, the first such deals since the September summit between Trump and Xi Jinping. The cargoes, each carrying around 65,000 tonnes, are scheduled for shipment from December onwards, taking the latest buying round to as much as roughly 650,000 tonnes.
Key Takeaways
The purchases provide a positive signal for US agricultural trade after a weeks-long buying pause. Before these deals, China had already purchased about 13.7 million tonnes of US soybeans, more than halfway toward the White House-announced 25-million-tonne target for 2026/27. However, soybeans were excluded from the tariff reductions proposed after the September summit, so the latest purchases by state traders do not necessarily signal a broader return of Chinese private buyers.