China Buys 1M Tons U.S. Soybeans

China has purchased roughly 1 million metric tons of U.S. soybeans this week, including sales reported by the U.S. Department of Agriculture, offering support to American growers as the harvest approaches. The purchases are expected to be shipped from U.S. Gulf terminals between December and February and come as Brazilian inventories tighten. The buying also signals progress toward China’s commitment to purchase 25 million metric tons of U.S. soybeans annually through 2028, with an American Soybean Association official estimating that China has bought about 14 million tons so far. Soybean futures rose to their highest level in nearly three years, while growers remain encouraged by demand from China, Mexico and other export markets. The purchases precede an expected meeting later this month between President Donald Trump and Chinese President Xi Jinping, though China has not formally confirmed the date.