China buys at least 10 US soybean cargoes following Trump-Xi call

China has purchased at least 10 cargoes of U.S. soybeans worth around $300 million in contracts signed since Tuesday, according to two traders familiar with the deals. The purchases came a day after a phone call between U.S. President Donald Trump and Chinese President Xi Jinping, during which the leaders discussed expanding bilateral trade.

Trump said he urged Xi to accelerate and increase Beijing’s purchases of U.S. goods, and the Chinese leader “more or less agreed.” The total number of cargoes purchased is estimated between 10 and 15, with each cargo approximately 60–65 thousand metric tons.

All cargoes are scheduled for shipment in January from U.S. Gulf Coast terminals and Pacific Northwest ports. Despite U.S. soybean prices being higher than Brazilian supplies, China agreed to pay around $2.3 per bushel over the January Chicago futures contract for Gulf shipments and a $2.2 premium for Pacific Northwest shipments.

Commercial buyers continue to avoid U.S. soybeans due to tighter profit margins, as Brazilian soy remains cheaper at around $1.8 per bushel above January CBOT futures, noted Johnny Xiang, founder of Beijing-based AgRadar Consulting.

China, which largely shunned U.S. soybeans amid months of trade tensions, has recently increased purchases following late-October talks between the two countries’ leaders in South Korea. State-owned grain buyer COFCO has led the purchases, booking nearly 2 million tons of U.S. soybeans since late October, according to USDA data.

However, the recent deals remain well below the 12 million tons announced by the White House. U.S. Treasury Secretary Scott Bessent said on Tuesday that Chinese purchases of American soybeans are “right on schedule,” citing an agreement for Beijing to buy 87.5 million tons of U.S. soybeans over the next three-and-a-half years.

Tags: China, soybean, USA