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16h ago

China Books Cheaper Brazilian Soy as U.S. Pledge Lifts Futures

Traders await clear tariff guidance to shift orders to U.S. supplies.

Travis Hutchison, a soybean farmer, unloads his cargo from his family's truck at a local grain dealer in Queen Anne, Maryland, on October 10, 2025.
A farm worker operates a combine harvester during the soybean harvest season in Brazil's southernmost state, on a farm in Nao Me Toque, Rio Grande do Sul state, Brazil, April 4, 2025. REUTERS/Diego Vara/File Photo

Overview

  • Chinese buyers secured about 10 Brazilian soybean cargoes for December and another 10 for March–July as South American offers undercut U.S. Gulf prices, traders said.
  • Chicago soybean futures rose nearly 1% to a 15-month high on Monday on signs of China’s partial return to U.S. purchases.
  • The White House detailed a pledge for China to buy at least 12 million metric tons of U.S. soybeans in November–December and 25 million tons annually for the next three years, though Beijing has not publicly confirmed it.
  • State-owned COFCO bought three cargoes from the new U.S. harvest last week, marking the first reported Chinese purchases of this crop year.
  • Market participants say they have heard U.S. assertions on the deal but are waiting for Chinese announcements on tariff changes before committing to larger U.S. volumes.