China agreed to purchase 12 million tons of U.S. soybeans by the end of January, which supported soybean prices in the U.S.

U.S. Treasury Secretary Scott B. Bessent said on Thursday that China has agreed to purchase 12 million tons of U.S. soybeans by the end of January and to buy 25 million tons annually over the next three years. According to Bessent, the agreement will be signed next week, reports Reuters. This added a new boost to soybean prices in the U.S. Recall that after yesterday's meeting, the head of the PRC Xi Jinping and U.S. President Trump did not make statements to the press or hold a joint press conference with information about the agreements, so the markets reacted to the situation by lowering quotes at the opening of trading. During the trade dispute with the U.S., China used soybean imports as a pressure factor, which strengthened its position in the last round of negotiations. On yesterday's news, November soybean quotes on the Chicago exchange rose by 1% to $401/ton (+4.4% for the week and +7.5% for the month), and January futures reached the highest level since mid-2024 at ...