MADRID, SPAIN – U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative officials are meeting this week with Chinese Vice Premier He Lifeng in Madrid, with tariffs, export controls, and TikTok on the agenda. Treasury signaled over the weekend that the current tariff truce will hold until at least November 10, offering a short-term window of stability.
For U.S. agriculture, the stakes are high. China has sharply reduced purchases of American crops, shifting toward Brazil and Argentina for soybeans and sorghum. USDA reports show no new soybean bookings from China for 2025/26, while Beijing recently approved Brazilian sorghum imports and suspended U.S. shipments citing quality issues. Farm groups are pressing negotiators to secure firm commitments for Chinese buying, warning that without access to this top market, U.S. producers face lower prices and growing competition.
Farm-Level Takeaway: Farmers await concrete trade commitments from China. Until then, export prospects for soybeans, corn, and sorghum remain uncertain against strong South American competition.