(NAFB.com) – Treasury Secretary Scott Bessent announced that China has agreed to buy 12 million metric tons of soybeans this year. Bloomberg said that’s brought some relief to American farmers pushing for resumption of trade with China, the world’s biggest soybean importer. Bessent told Fox Business that China will also buy a minimum of 25 million tons annually for the following three years. President Donald Trump said China will start buying immediately and will be purchasing “tremendous” amounts of soybeans, but he didn’t provide additional details on the size of purchases. “The 12 million tons wasn’t surprising as China has little need for additional soybeans because of ample shipments from South America,” said Brian Grete (GRAY-tee) of Commstock. “In the longer term, buying 25 million tons a year would basically be getting back to normal.” Chinese commercial purchases would require Beijing to roll back the tariffs imposed on U.S. soybeans earlier this year.
