Soybeans resume rally as U.S. says China to buy millions of tons

Chicago soybeans turned higher on Thursday to hit a new 15-month high after U.S. Treasury Secretary Scott Bessent said China had agreed to buy tens of millions of tons of American beans in the next few years as part of a trade truce. The comments by Bessent, who specified that Beijing had agreed to purchasing 12 million metric tons of U.S. soybeans for the current season and committed to buying 25 million tons annually for the next three years, eased concerns about a lack of details in initial readouts following Thursday’s meeting between U.S. President Donald Trump and Chinese counterpart Xi Jinping. “To sum up, if both sides follow through, Chinese demand (for U.S. soybeans) in 2026/27 could return to 2023/24 levels,” CM Navigator analyst Donatas Jankauskas said. That would mark a turnaround after months in which China overlooked U.S. supplies amid its broader trade standoff with Washington. The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 1.4% at ...