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2d ago

China’s Buying Freeze Leaves U.S. Soybean Harvest Without Its Biggest Buyer

A Chinese buying freeze leaves a bumper U.S. soybean harvest without its biggest customer.

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Soybeans are harvested on the Warpup Farm in Warren, Indiana, Sept. 17, 2025. Once likely to be exported to China, soybeans are a major U.S. commodity caught in the U.S.-China trade dispute over tariffs.
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Overview

  • USDA data show China has not purchased any of the new U.S. soybean crop, after buying about $12.6 billion in 2024.
  • Cash prices have fallen below breakeven in some regions, leading farmers to store grain and cut spending as profits vanish.
  • Farm strain is intensifying, with 181 bankruptcy filings in the first half of 2025 nearly matching the total for all of last year.
  • The administration has discussed large relief funded by tariff revenue, but delivery remains uncertain during the government shutdown.
  • China has booked Brazilian and Argentine cargoes following Argentina’s tax waiver, while President Trump threatens a cooking oil embargo and a 100% tariff ahead of a planned APEC meeting with Xi.