Soybean prices rise after China pledges to buy $17 billion worth of US agricultural products

Chicago grain and soybean futures rallied sharply on Monday after the White House announced that China had pledged to purchase at least $17 billion worth of US agricultural products over the next three years.

The most active wheat contract on the Chicago Board of Trade rose 3.2% to $6.56-1/4 per bushel by 10:40 GMT. Corn also climbed 3.1% to $4.70 per bushel, while soybeans gained 2% to $12.01 per bushel.

The US administration said China made the commitment during meetings between President Donald Trump and Chinese President Xi Jinping last week, according to a White House fact sheet released Sunday.

The White House clarified that the $17 billion figure does not include soybean purchase commitments China made in October 2025, adding that markets had not expected Beijing to raise its soybean import targets above 25 million metric tons.

A Beijing-based analyst said the White House announcement suggests China may increase purchases of US corn, wheat, sorghum, and meat products in addition to soybeans.

Despite this, Chinese agricultural imports from the United States still face an additional 10% tariff following rounds of retaliatory duties imposed last year, which sharply reduced trade between the two countries.

“The agreement with China remains vague and lacks details, and China has not fully honored similar commitments in the past,” a European trader said. “But it’s a large number, and there are hopes China could return to the massive pace of US grain and soybean purchases seen before the trade dispute.”

China’s Ministry of Commerce said Saturday that both sides are seeking to strengthen bilateral trade, including agricultural products, through measures such as reducing reciprocal tariffs on a range of goods, though it did not specify which products would be included.

Meanwhile, elevated US wheat prices have prompted some American buyers to import wheat from Poland, according to European traders on Monday.