China Agrees to Buy US Soybeans
China has agreed to buy 12 million metric tons of U.S. soybeans this year, according to U.S. Treasury Secretary Scott Bessent.
Details of the deal have not been released, but Bessent noted that China has also agreed to buy 25 million metric tons during the next three years.
Many farmers have already sold their soybean crops at a loss.
Agricultural Council of Arkansas Executive Director Andrew Grobmyer stated that the impact on farmers is uncertain, but at best, this deal will have a modest impact, with commodity prices slightly up, allowing farmers who haven’t sold their crops to make a little extra money.
Author's summary: China agrees to buy 12 million metric tons of US soybeans.
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