Overview
- U.S. Treasury’s Scott Bessent said China agreed to buy 12 million tonnes of U.S. soybeans this season and commit to 25 million tonnes annually for the next three years.
- Chicago soybean futures rose roughly 5% on the week, taking prices back above $400 per tonne after the détente signal from talks between President Donald Trump and Xi Jinping.
- Argentina shipped about 12 million tonnes of whole beans to China this year, far above its norm, which boosted exports but curbed annual crushing despite a record monthly milling pace.
- Industry leader Gustavo Idígoras welcomed the price lift, argued Argentina can redirect sales to markets such as Vietnam or India, and dismissed talk of routing U.S. soy through Argentina as unviable under China’s origin rules.
- Analysts flagged sorghum as vulnerable because China intends to source more from the U.S., a shift that could weigh on Argentina’s exports to its main buyer, with timing still uncertain.