China to purchase 12 mln tons of US soybeans this year

trade channel worth more than $12 billion last year, crucial for the U.S. agricultural sector. Following Bessent’s comments, soybean futures in Chicago reversed earlier losses and rose 0.2% to $10.96 per bushel. President Donald Trump, who recently met with Chinese President Xi Jinping to finalize a broad trade accord, said that China would begin purchases “immediately.” Farmers across the Midwest welcomed the announcement with cautious optimism. “It’s not a huge number, but at least it’s something,” said Marty Richardson, a Missouri farmer. Andrew Philips from Nebraska added that while profitability is still out of reach, the price rally brings “much better prospects than before.” Analysts note that this year’s commitment remains below historical levels — the U.S. shipped about 27 million tons of soybeans to China last year, and more than 34 million tons after the Phase One agreement in 2020. Still, annual purchases of 25 million tons would represent a return to normal trade ...