China steps up purchases of Brazilian soybeans amid hopes for US-China trade deal

recently, Brazilian soybeans had been trading at a premium to U.S. supplies due to steep tariffs imposed by China during the trade war. However, expectations of renewed trade between the world’s two largest economies have shifted the balance. “Brazil is now cheaper than the U.S. Gulf, and buyers are taking the opportunity to secure cargoes,” said a trader at a major international oilseed processing company in China. Last week, U.S. President Donald Trump and Chinese President Xi Jinping agreed to expand agricultural cooperation during their meeting in South Korea. According to the White House, China committed to purchasing at least 12 million metric tons of U.S. soybeans by the end of 2025 and no less than 25 million tons annually over the next three years — marking a key step toward easing trade tensions. However, the market is still awaiting official confirmation from Beijing on whether import tariffs on U.S. agricultural goods will be reduced or removed. “We’ve heard details ...