The progress marks quicker negotiations between the two countries after China’s crackdown on rare-earths exports, expert says.
COFCO, China’s largest state-owned agriculture and food business, just bought its first purchase of U.S. soybeans from this year’s harvest right before President Donald Trump and Xi Jinping meet at an economic summit in South Korea this week.
The firm plays a key role in the global supply and trade of grains, oils, and food products, with its core trading arm, COFCO International, reporting $38.5 billion in revenue last year, or 108.4 million metric tons of agricultural crops and commodities. It also just put in a purchase order for 180,000 metric tons of U.S. soybeans for a December and January shipment, Reuters first reported on Tuesday, citing two oilseed traders. This marks China’s first purchase of U.S. soybeans in months.
COFCO did not immediately respond to Fortune’s request for comment.
Experts with knowledge on the transaction told Reuters that the purchase volume was small, only amounting to 3 cargoes, or shiploads, of soybeans, and that demand for the crop from the U.S. isn’t expected to significantly increase in the near future after recent large purchases from South America.
China accounts for about 60% of the world’s soybean imports, and in 2024 China made up 51% of U.
