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2d ago

U.S.–China Soy Deal Framework Lifts Futures as Bessent’s ‘Soybean Farmer’ Claim Draws Scrutiny

Soybean prices climbed after reports of a framework to restart Chinese buying.

Three generations of the current Benike farmers in Elgin, Minnesota. Left to right: Christian Benike (7th generation), Jake Benike (6th generation) and Gary Benike (5th generation) in October 2025.
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China, the largest buyer of American soybeans, halted purchases in May, threatening the income of hundreds of thousands of farmers.

Overview

  • U.S. and Chinese negotiators say they reached a framework over the weekend that could include substantial soybean purchases, with Trump and Xi expected to discuss details in South Korea this week.
  • Soy futures rose about 2.8% to the highest since July 2024 on optimism over the talks, even as USDA data showed no U.S. soybean shipments loaded for China last week.
  • Treasury Secretary Scott Bessent said farmers would feel “very good” about the prospective deal, but China has not confirmed purchase commitments or timing.
  • Bessent’s on-air claim that he is “actually a soybean farmer” drew backlash as disclosures show he owns $5 million to $25 million of North Dakota farmland that he leases out, generating up to $1 million a year.
  • The Office of Government Ethics set a December 15 deadline for Bessent to divest remaining assets flagged as potential conflicts, while the administration released about $3 billion in farm assistance and continues to weigh a larger package reportedly discussed around $10 billion.