China is on pace to purchase 12mn t of US soybeans by the end of February, according to US treasury secretary Scott Bessent, falling short of the previously stated deadline of the end of 2025.
At an event Wednesday, Bessent claimed China's soybean purchasing was on pace to reach its target "by the end of this season, so I think that'll be February 28".
Bessent added that China is in a "perfect cadence" to reach the 12mn t purchasing milestone.
Bessent's comments, though, are in direct contradiction with the 31 December deadline set by the the White House, which on 1 November said China would buy 12mn t of US soybeans by the end of 2025. Chinese purchases, which restarted at the end of October after a five-month pause, have been slow, with only 2.26mn t in confirmed sales to date, spawning fears that the country would fall short of the 12mn t figure this year.
Small-volume soybean purchases made by China since 30 October will not be confirmed in the US Department of Agriculture's export sales reports until at least 8 December. No large-volume purchases have been reported since 28 November, despite some market participants expecting sales reports earlier this week.
Bessent later added that China's "purchase by their central government is well into the correct cadence", seemingly confirming that state-owned firms are driving the purchases of US soybeans. Private processors have kept their sights set on Brazil's crop, according to market participants, which has been both cheaper than US product and faces a lower tariff rate.
