Bessent says China’s soybean commitments are set, dampening hopes for new U.S. export demand

U.S. Treasury Secretary Scott Bessent said on May 14, 2026, that China’s existing soybean purchase commitments cover U.S. expectations, cooling market hopes that Beijing would agree to a higher buying target during talks between Presidents Donald Trump and Xi Jinping in Beijing. Bessent told CNBC that soybeans were “all taken care of,” citing a Busan agreement requiring China to import 25 million metric tons of U.S. soybeans annually through 2028. Traders and analysts had not expected China to raise the target, citing weak domestic demand and lower-priced Brazilian supplies. Soybeans are the top U.S. export to China, but Beijing has reduced reliance on U.S. supplies since Trump’s first term. China sourced about 20% of its soybeans from the U.S. in 2024, down from 41% in 2016, and bought just 15% from the U.S. in 2025.