China completes more than half of its US soybean purchase target

China has already purchased nearly 13 mln tons of U.S. soybeans this season, completing more than half of its annual import commitment from the United States. According to Bloomberg, this represents 13 mln tons out of the 25 mln tons China is expected to buy each year through 2028.

Last week, Chinese state-owned traders booked at least 1 mln tons of U.S. soybeans. In addition, USDA reported more than 600 thsd tons of soybean sales to China for delivery in the 2026/27 marketing year.

China remains the key destination for U.S. soybean exports. Stronger buying is supporting external demand for U.S. beans and improving prospects for marketing the new U.S. crop.

The increase in purchases has already supported futures prices. Chicago soybean futures rose by as much as 1% on September 14, recovering from a sharp decline the previous week. Strong export demand has helped lift soybean prices to their highest levels since 2023.

Further market dynamics will largely depend on how quickly China fulfills its annual 25 mln ton purchase target and on competition from Brazil. If the current pace continues, U.S. soybean exports could receive additional support in the coming months.

Tags: China, soybean, USA