By Kirk Maltais

Soybean futures rose after President Trump said China is considering buying more U.S. exports of the staple oilseed.

During a call with Chinese President Xi Jinping, the two countries discussed "lifting the Soybean count to 20 Million Tons for the current season," Trump posted on Truth Social Wednesday.

Such a pop in demand would provide a helpful boost for U.S. farmers, who struggled with unprofitable acres amid low commodity prices last year.

When the two met in South Korea in October, China agreed to buy 12 million metric tons of U.S. soybeans before the end of the 2025-2026 marketing year, breaking an absence of the world's largest agricultural buyer from the U.S. markets. Media reports say that this target was met last month, although data from the Agriculture Department don't confirm that.

"The confirmation of additional purchases is certainly welcome news to traders," said Brady Huck, principal broker with EmpowerAg Trading.

Most-active soybean futures trading on the Chicago Board of Trade are up 2.4% to roughly $10.92 a bushel, the highest level in nearly two months.

The purchase of an additional 8 million tons of soybeans by China equates to roughly 294 million bushels. That would be nearly all of the soybeans the Agriculture Department expects to be left over from last year's harvest, which the USDA pegged at 350 million bushels in its world supply and demand report last month.

But how soon that boost would materialize remains unclear, as the current marketing year for soybeans doesn't end until September.

"China is going on their spring festival for a week starting Feb. 15, and they have only been interested in Brazilian soybeans," said Brian Pullam, floor manager with Linn & Associates. "They will likely continue to only be interested in Brazilian soybeans through the spring."

Brazil is expected to harvest more soybeans this year than ever before, with forecasters predicting a crop of roughly 180 million tons. That would be roughly 13 million tons larger than the record crop seen last year, according to research firm StoneX Group.

This bumper crop is expected to keep prices for Brazilian soybeans low, making them more attractive for importers like China. That has been a source of pressure for U.S. soybean values and a major reason why American farmers are growing increasingly pessimistic about their financial futures.

Half of the farmers in a survey published this week by Purdue University and the CME Group said that their operations are worse off than they were at this time last year. That is heightening the impact of Trump's comments.

"At this point, anything bullish is well received by the trade, considering how bearish the sentiment has been of late," EmpowerAg's Huck said.

Write to Kirk Maltais at kirk.maltais@wsj.com

(END) Dow Jones Newswires

February 04, 2026 14:24 ET (19:24 GMT)

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