Progress is being reported in the monthslong trade war between the United States and China, by far the largest buyer of US soybeans. After meeting with Chinese Vice Premier He Lifeng and other officials in Malaysia, US Treasury Secretary Scott Bessent told CBS that China will make "substantial" purchases of US soybeans. The Chinese Ministry of Commerce told Reuters that an initial consensus was reached on various bilateral issues including agriculture. These comments came just days before US President Donald Trump and Chinese President Xi Jinping are scheduled to meet to discuss trade issues.

All of this was welcome news to US soybean farmers, who have seen exports to China essentially halted in recent months.

Caleb Ragland, president of the American Soybean Association, said he was encouraged by Bessent's comments.

"Signals of purchase commitments are a positive step, and we look forward to learning more details later this week," said Ragland, a soybean farmer from Magnolia, Kentucky, US. "We appreciate the White House and trade negotiators keeping US soybeans at the center of discussions and are hopeful Thursday's meeting between President Trump and President Xi will result in a trade deal that delivers results for our farmers."

China imported zero soybeans from the United States in September, compared to 1.7 million tonnes during the same month in 2024, according to China's General Administration of Customs. Sept. 1 marked the beginning of the 2025-26 marketing year for US soybeans.

The trade war between the two economic superpowers, which was launched by Trump in the spring, has caused soybean prices to plummet in recent months. In the last three years, soybean prices have declined by nearly 40%.

Meanwhile, the United States announced on Oct. 26 that it signed trade deals with Malaysia and Cambodia and unveiled a framework for reciprocal trade with Vietnam and Thailand. With these agreements, the Trump administration opened the door for increased soybean shipments to key markets, noting multiple provisions that are favorable to US soybean exports, including:

• The elimination or reduction of tariff barriers for US agricultural products into all four countries
• A commitment from Thailand to purchase US soybean meal, among other US feed commodities, on a per annum basis totaling $2.6 billion
• The elimination or reduction of major non-tariff barriers in each country, including favorable language on biotechnology regulations, sanitary and phytosanitary provisions (SPS), and other non-tariff barriers.

"We appreciate President Trump's recognition of the promise markets in Southeast Asia hold for US soybean exports, and we applaud the work of the administration to increase market access in that region," Ragland said. "We look forward to future deals like these that reduce tariffs and ensure continued and increased market access for US agriculture and urge all parties to swiftly bring these frameworks and agreements to fruition."