Scott Bessent said China’s soybean needs are already covered by the Busan agreement, signaling no higher purchase target as Donald Trump and Xi Jinping met in Beijing.
The existing pledge calls for China to import 25 million metric tons of U.S. soybeans annually through 2028, a level traders were already focused on rather than any fresh commitment.
Analysts have said Beijing is unlikely to buy beyond last October’s deal because domestic demand is weak and Brazilian soybeans remain competitively priced.
China has sharply reduced its dependence on U.S. soybeans, sourcing about 20% from the U.S. in 2024 versus 41% in 2016; last year the share was just 15%.
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