Chinese state trading companies bought more than 2 million metric tons of U.S. soybeans between July 31 and Aug. 5, according to Reuters and Bloomberg. Buyers took advantage of a price drop and moved to advance China's trade pledge ahead of President Xi Jinping's planned September visit to the U.S.
Key Facts
- USDA confirmed 488,000 tons Monday, and Bloomberg reported another 132,000 tons Tuesday.
- Chinese state firms added roughly 800,000 more tons the next day.
- Near a quarter of its 25-million-ton annual pledge, China's total purchases keep climbing.
Reuters first reported the buying on Friday, July 31. Four Asia-based traders said Chinese state firms bought 14 to 16 cargoes of U.S. soybeans, each hauling roughly 65,000 metric tons.
The total came to roughly 1 million metric tons, split between U.S. Gulf Coast and Pacific Northwest terminals for October and November shipment. Per-bushel premiums ran as high as $3.03 over the November CBOT contract for Gulf Coast cargoes. Pacific Northwest shipments fetched a $3 premium, a trader told Reuters.
A Week of Confirmed and Reported Purchases
USDA's export sales program confirmed 488,000 metric tons of new soybean sales to China on Monday, Aug. 3. Bloomberg called it the year's largest single-day China sale. Bloomberg's Tuesday dispatch covered another 132,000 metric tons.
Traders told Bloomberg Chinese state firms bought at least 13 more cargoes the next day, roughly 800,000 tons. That volume had not yet appeared in USDA's daily export data as of Bloomberg's Thursday report.
Falling Prices and a September Xi Visit
The most active CBOT soybean contract fell 5.2% during the week of July 27-31, giving Chinese buyers a lower entry point. Prices reversed course after the Monday confirmation. November soybeans settled at $11.92-1/4 a bushel, up 4-3/4 cents on the day, Global Ag Media reported.
"The main reason is a drop in prices last week," an Asia-based trader told Reuters.
The trader added that Beijing is also working to meet its purchase commitment to Washington ahead of Xi's trip. President Donald Trump said in late July that Xi would visit the United States on Sept. 24.
Where China Stands on Its 25-Million-Ton Pledge
The White House says China pledged in October to buy 25 million metric tons of U.S. soybeans a year through 2028. Bloomberg's tally puts the week's purchases near a quarter of that target for 2026.
Before the late-July buying began, China had bought just over 4 million metric tons of the 2026 U.S. crop. USDA data cited by Reuters put this year's pace at China's fastest in four years.
In dollar terms, U.S. soybean exports to China are already rebounding from 2025's lows, even before this week's cargoes are counted.
U.S. soybean export value to China fell from a $17.9 billion peak in 2022 to just $3 billion in 2025 as Beijing halted purchases during tariff negotiations. The figures come from USDA's Foreign Agricultural Service. Shipments from January through May 2026 already total $4.6 billion, up 86% from the same stretch of 2025. The five-month total isn't directly comparable to the full-year figures shown for earlier years.
Beijing's own retaliatory tariff on U.S. soybeans remains in place, which traders say keeps private Chinese crushers out of the market even as state firms buy. Whether U.S. supplies can outprice Brazilian beans for these cost-conscious Chinese buyers once that tariff lifts is still an open question, per Reuters.
