NASHVILLE, Tenn. (RFD NEWS) — China appears to have met and surpassed the initial U.S. soybean purchase benchmark under the Busan trade agreement, supporting demand despite strong competition from Brazil.
Jim Sutter, CEO at the U.S. Soybean Export Council (USSEC), notes the agreement called for at least 12 million metric tons, or about 441 million bushels, during the first purchase period. USDA data place China directly near that mark, while likely China-bound sales listed under unknown destinations may push total commitments higher.
Fresh buying has continued. Through Thursday, USDA flash sales announcements included roughly 740,000 metric tons of soybeans for China and unknown destinations. That equals about 27.2 million bushels of additional sales this week.
The activity is notable because Brazilian soybeans are generally more competitive during this period. Suter says U.S. soybeans still offer quality and storage advantages, including lower moisture and limited damage.
Attention now shifts toward the annual 25 million metric ton benchmark, equal to about 919 million bushels, for 2026 through 2028.
