Overview
- USDA reported only two Chinese purchases totaling 332,000 metric tons since the Trump–Xi summit, far short of the 12 million tons the White House said would be bought by January.
- Traders say importers booked roughly 20 Brazilian cargoes for December and March through July as Brazil priced below U.S. Gulf offers.
- Analysts point to a South American glut that has driven coastal Chinese soybean prices more than 20% below April peaks, eroding any incentive to switch to U.S. beans.
- Despite a 10‑percentage‑point cut, China’s tariff on U.S. soybeans remains near 24%, keeping American cargoes costlier than Brazilian supplies.
- Beijing has not disclosed detailed purchase commitments, and farm leaders warn that without verifiable large sales or government aid many U.S. growers face mounting financial pressure.