Trump-Xi meeting on October 30 brings hope to US soybean producers

White House Press Secretary Karoline Leavitt announced at a Thursday briefing that President Donald Trump will hold a bilateral meeting with Chinese leader Xi Jinping on Wednesday, October 30, in Busan, South Korea, during the APEC summit. This event is pivotal for the U.S. agricultural sector, as China, the world’s largest soybean importer, shifted its purchases to South America amid the trade war, leaving American farmers with significant losses. Soybeans will be a central topic, driven by pressure from farmers in Iowa and Illinois over lost market share.

Preliminary talks between U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng are scheduled for October 24–27 in Malaysia during the ASEAN summit. These discussions aim to lay the groundwork for a deal that could restore the U.S. as a key soybean supplier. Analysts predict a 10–15% price surge for soybeans if successful, stabilizing demand.

The trade war has been costly for the U.S., with soybean exports dropping from 41% in 2016 to 20% in 2024. The American Soybean Association urges a new agreement to prevent further losses in 2025. A 2020 deal promising $50 billion in agricultural purchases was not fully realized, but traders now see a chance for a breakthrough.

If successful, the talks could save thousands of farms and ease trade tensions. Soybean futures are already rising, with farmers and traders optimistic about the summit’s outcome.

Tags: China, soybean, USA