China to Purchase U.S. Soybeans
China has agreed to buy 12 million metric tons of U.S. soybeans this year, according to U.S. Treasury Secretary Scott Bessent.
Additionally, China will purchase 25 million metric tons over the next three years, although details of the deal have not been released.
Many farmers have already sold their soybean crops at a loss.
Agricultural Council of Arkansas Executive Director Andrew Grobmyer notes that the impact on farmers will be modest, with potential extra earnings for those who haven't sold their crops yet.
Commodity prices have slightly increased, which may benefit farmers who still have unsold crops.
Author's summary: China agrees to buy US soybeans in a new trade deal.