China resumes US soybean purchases after Trump-Xi summit

Chinese state-owned companies purchased 8–10 vessel cargoes of US soybeans this week, marking the first deals since the September summit between US President Donald Trump and Chinese President Xi Jinping. According to traders’ estimates, the total volume of purchases amounts to approximately 520–650 thsd tons. Shipments are scheduled to begin in December 2026.

The purchases were made by state-owned trading companies following a pause of several weeks in Chinese import activity. According to market participants, premiums for the purchased soybeans ranged from $3.10 to $3.20 per bushel over January futures on the Chicago Board of Trade (CBOT). Each Panamax cargo carries approximately 65 thsd tons of soybeans.

The resumption of purchases comes despite ongoing trade restrictions between the US and China. Following the September summit, the two countries announced a list of potential tariff reductions, but soybeans were not included. This dampened expectations that private Chinese crushers would return to the US market. For now, state-owned companies remain the main buyers.

Before the latest deals, China had already purchased around 13.7 mln tons of US soybeans, fulfilling more than half of the 25 mln ton purchase target for the MY 2026/27 announced by the White House. Meanwhile, state-owned Sinograin continues to sell imported soybeans from its reserves. At an auction on October 13, 40.5% of the 518 thsd tons offered was sold, while traders expect further auctions in the coming weeks.

According to China’s customs data, the country imported 11.88 mln tons of soybeans in September, down 7.7% from a year earlier. The new purchases of US soybeans could support US exports and influence the distribution of Chinese import demand among major global suppliers, particularly the US and Brazil. However, further trade expansion will depend on tariff policies and purchasing activity among private soybean crushers.

Tags: oilseeds, USA, China, soybean