China has purchased at least 10 more US soybean cargoes for October-November shipment, continuing a flurry of agricultural deals ahead of President Xi Jinping's expected US visit next month.
Chinese government buyers purchased at least 840,000 tonnes of US soybeans for October and November shipment, one of China's largest single-day purchases this month. This follows US-China trade talks and precedes President Xi Jinping's White House visit.
China's soybean imports reached a record 13.55 million tonnes in June, driven by Brazilian supply and cleared port backlogs. However, US imports fell 42.4% year-to-date, totaling 9.31 million tonnes, despite China's commitment to purchase at least 25 million tonnes annually through 2028.
South Korea will increase its tariff-rate quota for soybeans used in bean sprouts by 10,000 tons to address domestic supply shortages and stabilize prices. The expanded quota will be in effect until December.
China made its largest daily purchase of US soybeans since November, selling 472,000 tonnes. Analysts see this as a positive signal of Beijing's commitment to trade agreements made after the Trump-Xi summit, with further good faith expected in September.
President Donald Trump announced a memorandum of understanding to end his 'war' and open Iran as a new market for US agricultural exports, citing a humanitarian crisis in Iran. However, Iranian officials immediately contradicted Trump's claims, denying any agreement to purchase US crops and criticizing US policy.
The Tainan District Agricultural Research and Extension Station is encouraging consumers to buy Taiwanese soybeans over imported ones, highlighting benefits like traceability, freshness, non-GMO status, and reduced carbon emissions. The station has developed varieties like Tainan No. 10 and Tainan No. 11, which offer improved protein content and disease resistance.
China's Ministry of Commerce met with Brazil's Foreign Minister to discuss trade, including soybean inspection standards and duty-free beef quotas. Both countries aim to boost agricultural trade.
Russia seeks to boost its economy by selling more oil and gas to China, but Beijing has concerns about overreliance and dollar dependence. Sanctions and Ukrainian drone threats pose further obstacles to a potential deal.
China has agreed to purchase U.S. soybeans and improve access to rare earths, the White House announced Sunday, following a summit between Presidents Trump and Xi. Agreements also include agricultural trade and aircraft purchases.
US Trade Representative Jamieson Greer anticipates China will annually purchase billions in US agricultural products over the next three years. However, Chinese analysts suggest new purchases beyond soybeans will be incremental, as Beijing prioritizes domestic needs and supply goals.
