China's U.S. Soybean Buys On Track, Says Treasury Chief
China is keeping pace with its U.S. soybean commitments, according to Treasury Secretary Scott Bessent, offering reassurance to American farmers as trade flows stabilize and political relations improve.
In a Nov. 25 interview with CNBC, U.S. Treasury Secretary Scott Bessent confirmed that China is "right on schedule" with purchases of American soybeans, citing an agreement in place for Beijing to buy 87.5 million metric tons over the next three and a half years.
The update comes at a crucial time for U.S. soybean growers, who continue to monitor export demand and geopolitical developments closely. As harvest season winds down and export logistics ramp up, consistent demand from China-the top U.S. soybean buyer-remains a critical factor in market stability and commodity pricing.
"The U.S. and China will always be natural rivals," Bessent said, "but the relationship is in a good place." His comments follow a recent phone call between President Donald Trump and Chinese President Xi Jinping, which both sides characterized as positive. Trump referred to the relationship as "extremely strong", reinforcing optimism about the continuity of bilateral trade.
China has not imported U.S. soybeans since May, but first shipments are expected to resume shortly, signaling progress in the implementation of a broader trade framework agreed to earlier this year. While the final trade deal has yet to be ratified, the early flow of agricultural goods is seen as a promising sign of follow-through.
Looking ahead, Bessent suggested that Trump and Xi could meet up to four times in 2026, including visits tied to the Asia-Pacific Economic Cooperation (APEC) summit in China and the Group of 20 meeting in the U.S. Both leaders are also expected to conduct official state visits, further cementing high-level dialogue.
For U.S. agriculture professionals, especially those in the soybean sector, this momentum is encouraging. China's soybean imports drive billions in export value annually, support basis prices at U.S. river terminals, and shape long-term planting decisions.
As the U.S. farm sector navigates input cost pressures, global competition, and climate-driven production shifts, reliable foreign demand-especially from China-remains a vital component of a stable farm economy.
