Recent reports from Reuters and other sources indicate that multiple cargo ships have set sail for ports along the U.S. Gulf Coast, preparing to load soybeans and sorghum destined for China. This marks the first shipment of such goods since this spring. Data indicates that Chinese buyers were highly active in mid-to-late November, with weekly purchases nearing 1.6 million tons—the highest weekly volume in two years.

China's resumption of bulk purchases of U.S. soybeans represents tangible progress in easing Sino-U.S. trade tensions.

U.S. Agriculture Secretary Brook Rollins recently stated that China and the U.S. are expected to formally sign a soybean purchase agreement soon, emphasizing that China will fulfill its procurement commitments. She mentioned a purchase target of 12 million tons, while clarifying that even if orders are confirmed by the end of December, actual shipments will extend into early next year. Notably, although the U.S. has repeatedly stated it will provide aid to farmers affected by the trade friction, specific implementation plans and funding amounts remain undisclosed.

Market performance indicates that while recent purchasing activity has been robust, the total volume of confirmed purchases still falls significantly short of the U.S.-proposed 12-million-ton target. This round of procurement has directly driven up Chicago soybean futures prices. It is worth noting that current U.S. soybean export prices remain higher than those of its main competitor, Brazil. Combined with China's continued imposition of additional tariffs on U.S. soybeans, this results in significantly elevated comprehensive landed costs for U.S. soybeans.

Regarding China's import demand, the latest data from the General Administration of Customs shows that China imported a cumulative total of 95.682 million tons of soybeans from January to October this year, representing a year-on-year increase of 6.4%. Adequate purchases earlier in the year have largely met domestic demand for the year. Combined with stable inventories at ports and processing enterprises, overall market supply remains ample.

Overall, China's resumption of U.S. soybean purchases represents a tangible sign of improving Sino-U.S. economic and trade relations. From a commercial perspective, the final procurement scale will be influenced by multiple factors, including international price differentials, shifts in domestic demand, and tariff costs. The specific trajectory of future Sino-U.S. agricultural trade remains contingent on the progress of subsequent agreement signings and the fulfillment of actual shipment data, with all market participants maintaining close attention.

As an integrated internet platform providing benchmark prices, on November 28, the benchmark price of soybeans from SunSirs was 4284.00 RMB/ton, an increase of 0.66% compared with the beginning of the month (4256.00 RMB /ton).

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