“Three cargo ships are heading to ports to load American soybeans and sorghum bound for China.” British Reuters reported on November 25th that shipping schedules show two cargo ships were heading to a grain export terminal near New Orleans, Louisiana on the 24th, expected to arrive this week and load the first U.S. soybean exports to China since May this year.
At the same time, another cargo ship is sailing towards a grain terminal on the Gulf Coast of Texas, expected to arrive next week and load U.S. sorghum for China, which is also the first batch of U.S. sorghum exports to China since mid-March.
The report pointed out that previously, affected by the trade war, China suspended purchases of U.S. agricultural products for several months, causing U.S. farmers and grain traders losses of billions of dollars. The U.S. agricultural sector has been waiting for the resumption of shipments to China.
U.S. Department of Agriculture data shows that in 2024, soybeans accounted for about 20% of U.S. cash crop income, valued at approximately $46.8 billion, with about one-quarter of that sold to China.
However, the trade dispute initiated by the Trump administration this year severely hit the U.S. soybean industry, and South American countries quickly seized the market. The American Soybean Association stated that Brazil and Argentina are replacing the U.S. in the Chinese market, with Brazil accounting for about 71% of China’s soybean imports, compared to just 2% thirty years ago.
As Sino-U.S. trade relations ease, the White House stated last month that China has agreed to purchase at least 12 million tons of U.S. soybeans this season and at least 25 million tons of U.S. soybeans annually over the next three years.
The U.S. Fortune magazine website reported on the 21st that after snubbing U.S. soybean farmers for months, China placed its largest order for U.S. soybeans in two years, bringing hope to the farmers.
Regarding the U.S. claim that China agreed to purchase U.S. soybeans, Chinese Ministry of Commerce spokesperson He Yadong responded on the 13th, stating that recently, the Ministry of Commerce has released relevant information regarding the joint arrangement for the Sino-U.S. Kuala Lumpur economic and trade consultations, introducing the main consensus outcomes reached in the consultations, which include agricultural product trade.
China is an important participant in global agricultural product trade and will continue to uphold an open and cooperative attitude, continuously deepen mutually beneficial cooperation with global trading partners, and jointly maintain an open, stable, and sustainable global trade system.
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