China to Buy 12 Million Tons of Soy This Year, Bessent Says (2)

China has agreed to buy 12 million metric tons of soybeans this year, Treasury Secretary Scott Bessent said, providing some relief to US farmers who have anxiously awaited the resumption of exports to the Asian nation.

For the next three years, China has agreed to buy a minimum of 25 million tons annually, Bessent said Thursday on Fox Business. Soybean futures erased earlier losses of as much as 2.2% after his comments, and were up 0.2% at $10.965 a bushel as of 8:41 a.m. in Chicago.

President Donald Trump said earlier that China will purchase “tremendous” amounts of American soybeans, ...