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China Contracted for at Least 10 U.S. Soybean Cargoes After Trump-Xi Call, Traders Say

Reuters cited two traders who said China contracted for at least 10 U.S. soybean cargoes worth about $300 million after the Trump-Xi call. The contracts were reported in November 2025, with January shipments planned—not independently confirmed.
From TheFinanceBase Team3 min to read
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Two commodity traders told Reuters that China contracted for at least 10 U.S. soybean cargoes worth about $300 million after the November 2025 phone call between U.S. President Donald Trump and Chinese President Xi Jinping. The report described private contracts—not confirmed deliveries—and said the beans were scheduled to ship in January 2026. The specific contracts and their completion were not independently verified in the reporting.

What the traders reported

Reuters, in a report published November 26, 2025, cited two traders with knowledge of the deals. They estimated each cargo at 60,000–65,000 metric tons. One put the total at about 12 cargoes; the other estimated 10–15. The reported value was around $300 million.

The traders said the January 2026 shipments were planned from U.S. Gulf Coast terminals and Pacific Northwest ports. Those dates describe the reported schedule at the time; they do not establish that the cargoes were loaded, delivered, or accepted. Reuters report republished by Successful Farming, November 26, 2025.

Why the reported cargo count differs from public sales figures

A private contract, a sale recorded in public export-sale data, a government purchase commitment, and a completed shipment are different kinds of evidence. The November reports captured those distinctions at different points in time.

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Evidence What it said What it establishes
Trader accounts reported by Reuters, November 26, 2025 At least 10 cargoes contracted, with estimates ranging from about 12 to 10–15 cargoes What two anonymous traders said had been privately contracted; not independent confirmation of the contracts or completed deliveries
USDA sales data reported by Reuters, November 26, 2025 COFCO had booked nearly 2 million tons of U.S. soybeans since late October A separate aggregate figure cited by Reuters; it does not identify the final delivery status of the particular cargoes described by the traders
USDA data reported by AP, November 14, 2025 Two post-summit Chinese purchases totaling 332,000 metric tons Publicly reported sales at that earlier point; AP also said Beijing had not confirmed a detailed soybean purchase agreement

Reuters said the reported deals remained below the 12 million tons the White House had announced. AP’s earlier account likewise contrasted the administration’s stated near-term commitment with the smaller volume then visible in USDA data. These figures should not be treated as interchangeable: they refer to different reporting dates and to different categories of evidence. Associated Press, November 14, 2025.

Why China was buying U.S. beans despite higher reported prices

The traders told Reuters that U.S. soybeans were more expensive than Brazilian supplies at the time. They cited premiums above January Chicago Board of Trade (CBOT) futures of about $2.30 per bushel for Gulf shipment and $2.20 for Pacific Northwest shipment, compared with about $1.80 for Brazilian beans. These were contemporaneous trader estimates from November 2025, not current market prices.

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Johnny Xiang, founder of Beijing-based AgRadar Consulting, said at the time: “Commercial buyers will continue to avoid U.S. soybean imports, as prices remain higher than Brazilian beans. At these levels, crush margins are not financially viable.” His comment described the commercial pressure he saw then; it was not a confirmation that the reported contracts would be canceled or completed.

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What later USDA figures do—and do not—show

In a September 2026 update, USDA’s Foreign Agricultural Service reported that, as of August 13, 2026, China had purchased 5.7 million metric tons of U.S. new-crop soybeans for marketing year 2026/27 delivery. It also listed 3.8 million metric tons sold to “Unknown Destinations,” which could include Chinese state-owned enterprises. These later totals cover a different marketing year and do not verify delivery of the January 2026 cargoes reported in November 2025.

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The same USDA FAS update said a 10% retaliatory tariff on U.S. soybeans was leading commercial buyers to rely on South American origins, and that Brazil sent record volumes from June through August 2026. The figures illustrate how tariff treatment and relative origin prices can shape sourcing; they should not be read as an update to the specific November 2025 contracts. USDA Foreign Agricultural Service, September 2026.

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