China has stopped buying US soybeans

The Agriculture Department’s weekly export reports have highlighted a glaring absence: China has not purchased American soybeans since May.

This is striking because soybeans are America’s single largest export to China, worth $12.6 billion last year, and China bought 52% of all US soybean exports. With the fall harvest underway—9% of beans already gathered—farmers are increasingly anxious.

China’s absence stems from retaliatory tariffs that make US soybeans too expensive. 

Through July, Chinese purchases were down 51% from last year, while overall US soybean exports have dropped 23%. Countries like Egypt, Taiwan, and Bangladesh are increasing their purchases, but not enough to offset the loss.

Meanwhile, China has turned to Argentina, purchasing over one million tons after Argentina suspended its soybean export tax. Prices remain weak at about $10 a bushel, down from $13 in early 2024.

Farmers fear a tough fall as storage space tightens with bumper corn crops and sluggish soybean sales. Politicians and farm groups are urging Washington and Beijing to strike a deal before losses deepen.