China buys more US soybeans, total purchases approach 10 million tons

By Naveen Thukral and Ella Cao

SINGAPORE/BEIJING, Jan 6 (Reuters) – China’s state stockpiler Sinograin bought 10 U.S. soybean cargoes this week, three traders told Reuters on Tuesday, as the world’s top buyer continues purchasing from the United States following a late October trade truce.

The cargoes, totalling around 600,000 metric tons, are for shipment between March and May, the traders said, which is the peak shipping season for rival supplier Brazil.

China’s total purchases from the latest U.S. crop were now estimated at 8.5 million to nearly 10 million tons, according to traders and analysts, representing up to 80% of the 12 million metric tons that U.S. Treasury Secretary Scott Bessent said China pledged to buy by the end of February.

“There were more U.S. cargoes bought by Sinograin and total purchases are very close to 10 million tons,” said one of the traders with direct knowledge of the deals. “We think China will buy a couple of million tons more to meet the target.”

On Tuesday morning, the U.S. Department of Agriculture reported private sales of 336,000 metric tons of soybeans to China for shipment in the 2025/26 season that ends on August 31, bringing China’s total confirmed purchases since October to nearly 6.9 million tons. In addition, a sizeable share of the roughly 3 million tons in sales confirmed by the USDA to undisclosed buyers is thought to be to China.

China’s buying has underpinned Chicago soybean futures in recent weeks, helping the market end 2025 on a positive note. Futures prices have recovered from the resumption of imports from the United States following a thaw in Beijing–Washington relations. However, many farmers are still suffering even with trade aid payments. The Chicago Board of Trade’s most-active soybean contract settled 5-3/4 cents lower at $10.56-3/4 per bushel on Tuesday, compared with closer to $10 a year ago.

Beijing has stepped up U.S. soybean purchases despite a domestic supply glut driven by record South American arrivals and weak demand. Sinograin held three public auctions last month to make room for U.S. shipments.

U.S. soybeans remain costlier than newly harvested Brazilian soybeans, although their premium has narrowed due to a strengthening Brazilian real and weaker U.S. dollar, analysts said.

“Even though Brazil is harvesting, the U.S. is not out of line with Brazil prices,” said Karl Setzer, partner at Consus Ag Marketing.

(Reporting by Ella Cao in Beijing, Naveen Thukral in Singapore and Gus Trompiz in Paris; Additional reporting by Heather Schlitz and Karl Plume in Chicago; Editing by Louise Heavens and Lisa Shumaker)