Farmers received welcome news Oct. 30 when China has made a commitment to buy 12 million metric tons of United States soybeans.
Sen. Roger Marshall, R-KS, a member of the U.S. Senate Agriculture Committee, said it was good news in farm country as he praised President Donald Trump, Secretary of Treasury Scott Bessent and U.S. Trade Representative Jamieson Greer for successfully negotiating the purchase of three U.S. soybean cargoes by China’s state-owned COFCO, the first Chinese purchase of this year’s harvest.
Soybeans are America’s largest agricultural export, and China has refused to purchase American soybeans, as well as other agricultural commodities such as sorghum, since May as a hardline negotiating tactic against the Trump administration, which has pushed back against unfair trade practices and imbalances by other nations for years.
The American Soybean Association, in a statement issued Oct. 30. it appreciates the work of Trump and his administration for prioritizing America’s farmers in the announcement regarding U.S.–China trade. After months of stalled purchases and uncertainty, this is a very positive development for soybean farmers who rely on open markets, it said in a news release.
“Today’s announcement is great news for American agriculture, and soybean farmers are extremely grateful to President Trump for making soybeans a priority in negotiations with China,” said Caleb Ragland, ASA president and soybean farmer from Magnolia, Kentucky. “This is a meaningful step forward to reestablishing a stable, long-term trading relationship that delivers results for farm families and future generations.”
While details are still emerging and to be confirmed, the ASA said it understands that the announcement includes minimum purchase commitments of 12 million metric tons of U.S. soybeans for the remainder of this marketing year and a minimum of 25 million metric tons annually through 2028. ASA is encouraged that these commitments are framed as minimums and looks forward to continued growth in soybean purchases beyond these levels.
China has historically purchased 25 to 30 million metric tons of U.S. soybeans in recent years, and Oct. 30’s commitments lay a strong foundation to return to those traditional volumes over the coming marketing years, the association said.
Iowa Secretary of Agriculture Mike Naig called it great news for his state’s farmers and the state’s economy.
“Expanded soybean purchases by China will make a meaningful impact at a time when many farmers are feeling the pain of a tough farm economy,” Naig said. “It’s important that we continue to play offense on trade by opening and expanding new markets while also driving domestic use of Iowa products, especially homegrown biofuels.”
Dave Bergmeier can be reached at 620-227-1822 or [email protected].
