China is increasing its purchases of U.S. soybeans as American farmers approach harvest and trade negotiations continue between Washington and Beijing.
Traders said Chinese buyers purchased approximately 1 million metric tons of U.S. soybeans this week, booking between 14 and 15 cargoes. The soybeans are scheduled for shipment from Gulf Coast terminals between December and February.
The U.S. Department of Agriculture separately reported Wednesday that China purchased another 340,000 metric tons of soybeans. An additional 100,000 metric tons were sold to undisclosed destinations.
The latest deals reportedly bring China’s purchases of U.S. soybeans to nearly half of the 25 million metric tons Beijing committed to buy annually through 2028.
The increased activity comes as soybean supplies tighten seasonally in Brazil, the world’s largest soybean exporter. Meanwhile, the U.S. harvest is approaching, making additional supplies from the new crop available to international buyers.
The purchases also come ahead of an expected meeting between President Donald Trump and Chinese President Xi Jinping later this month as the two countries continue trade negotiations.
China is the world’s largest soybean importer and an important market for American agriculture. Its return to the U.S. market provides welcome demand for soybean growers as they prepare to begin harvesting this year’s crop.