China buys a large batch of US soybeans at prices significantly higher than Brazil’s

is resuming large-scale purchases from the United States to fulfil commitments made at the Busan trade summit. Despite US soybeans being far more expensive than competing Brazilian supplies, China is demonstrating political loyalty to the agreement. “This is no longer a goodwill gesture but a fulfilment of the Busan terms,” a Singapore-based trader said. State-owned grain trader Cofco has bought at least 840,000 tonnes for December and January delivery. Traders estimate that roughly three-quarters of the shipments will depart from US Gulf Coast terminals, with the remainder scheduled from Pacific Northwest ports. The total may grow further if additional deals are finalised. China remains vital to the US soybean market: last year, the US shipped nearly 27 million tonnes to Chinese buyers. Yet progress toward Beijing’s pledge to purchase 12 million tonnes of US soybeans in 2025 had been minimal until this week. Cofco is now paying premiums of US$2.15–US$2.40 per bushel above the ...