(Dec 4): China is on pace to meet its pledge to buy 12 million tons of US soybeans by the end of February, US Treasury Secretary Scott Bessent said on Wednesday, appearing to extend an earlier deadline for Beijing’s purchases.
The White House said last month that China had agreed to buy the shipments “during the last two months of 2025”.
“I will say that China is on track to keep every part of the deal, every part of the deal,” Bessent said during an interview at a New York Times event.
Asked about the pace of soy purchases and the time left before the end of the year, he clarified that the target was “the end of the season, so I think that will be Feb 28”. The marketing year for US soybeans runs from September to August.
“They are in a perfect cadence to complete that goal,” he said. “If I look at the loadings, then their purchase by their central government is well into the correct cadence.”
US officials announced the agricultural target of at least 12 million tons of soy purchases by the end of the year after President Donald Trump and Chinese counterpart Xi Jinping met in late October. China has not confirmed the pledge or the time line, but has moved to reduce tariffs on the crop and lifted import bans on three American exporters.
See also: Copper extends record-breaking run as Citi joins bullish chorus
Traders expect Chinese state-owned importers, including Cofco, to step up buying of US soybeans in coming weeks, in line with the deal. The timing and scale of shipments remain uncertain.
Uploaded by Tham Yek Lee
