China Agrees to Buy US Soybeans
China has agreed to buy 12 million metric tons of US soybeans this year, according to US Treasury Secretary Scott Bessent.
Details of the deal have not been released, but Bessent also stated that China has agreed to buy 25 million metric tons during the next three years.
Many farmers have already sold their soybean crops at a loss.
Agricultural Council of Arkansas Executive Director Andrew Grobmyer noted that the impact on farmers is not yet known, but at best, this deal will have a modest impact, with commodity prices slightly up, allowing farmers who haven’t sold their crops to potentially make a little extra money.
Author's summary: China agrees to buy large quantities of US soybeans.
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