China snaps up biggest U.S. soybean cargo since 2023 in trade rebound

China executed its largest single-day purchase of U.S. soybeans since November 2023, with the U.S. Department of Agriculture confirming sales of 472,000 metric tons on July 8, 2026. State-owned grain giant Cofco Corp. locked in at least five additional cargoes overnight, following six earlier bookings this week, signaling a sharp uptick in agricultural trade between Washington and Beijing. A standard soybean cargo weighs roughly 60,000 tons. The surge in buying comes after the May 2026 summit between Presidents Donald Trump and Xi Jinping, where China reportedly agreed to purchase at least $17 billion in U.S. farm goods and at least 25 million tons of soybeans annually through 2028—though Beijing has not publicly confirmed those figures. As of late June 2026, USDA data showed Chinese buyers had already committed to 200,000 tons of new-crop American soybeans. The latest sales split into 136,000 tons for delivery in the current marketing year and the remainder for the next cycle. Analysts see the purchases as Beijing fulfilling prior commitments rather than expanding demand. The renewed trade momentum could provide a pre-September boost to U.S. farmers, but persistent tariffs—including a 10% surcharge on U.S. soybeans—and cheaper Brazilian supplies continue to pressure U.S. competitiveness. Chicago soybean futures have firmed on expectations of stronger Chinese demand, while traders await further policy signals ahead of a planned Trump-Xi meeting later in 2026.