NASHVILLE, TN – China’s state-owned COFCO reportedly booked three U.S. soybean cargoes — about 180,000 metric tons — for December-January shipment, marking its first purchases from the United States in 2025. While China shifted heavily to Brazilian supplies earlier this year, Treasury Secretary Scott Bessent had previously signaled China’s willingness to resume “substantial” U.S. purchases for years, pending broader trade normalization.
Traders say China has heavily booked Brazilian supplies through November and still prefers Brazil’s higher-protein beans, tempering expectations for a wholesale pivot back to U.S. origins. Even so, spot parity between the U.S. and Brazil offers the U.S. a window to load in the Pacific Northwest if diplomatic momentum continues. Market chatter also suggests state reserve buying could add to U.S. demand into spring, depending on price spreads and policy goals.
Agriculture traders caution that the commitment is still modest and book-to-ship details remain unclear. Still, the orders sparked a rally in Chicago soybean futures, lifting export-basis expectations in the Gulf and PNW.
Farm-Level Takeaway: If confirmed, early Chinese buys tighten nearby Gulf/PNW capacity and could bump basis in export-oriented regions.