China Meets Soybean Purchase Commitment; Keeps it Hidden

China has met its 12-million-ton U.S. soybean purchase commitment, according to reports by Reuters and other Western news media--based mostly on USDA reports of sales to China since the October 30 Trump-Xi meeting. U.S. Treasury Secretary Bessent declared in Davos, Switzerland that he was assured by Chinese Vice Premier He Lifeng that China had met the commitment. 

The commitment has been met largely (perhaps entirely) by State-owned Chinese companies buying beans at inflated prices to stock Government reserves, an indication that the Chinese Government is making an effort to please the Americans. However, the Chinese Government has never acknowledged the commitment. Back in November 2025 China's Ministry of Commerce refused to acknowledge that the soybean purchase commitments had been made.

So far this week, the news of about fulfillment of the purchase commitment is mostly absent from Chinese news sites reporting on soybeans. Reports could come out later this week after propagandists have finished debating how to spin the story and massage the news. 

One article on a Chinese edible oils market news site did report that the purchase commitment had been fulfilled, citing Secretary Bessent and "trade sources," with shipments taking place between December and May. "Uncle Biao," who blogs about international affairs, trumpeted Bessent's declaration and boasted that soybeans are now a bargaining chip, asserting that financial pressure on Midwestern farmers who had mostly voted for Trump will put pressure on the U.S. administration to make a trade deal. 

Facts in the Chinese articles so far are regurgitated from foreign news reports. Neither the edible oils news article nor "Uncle Biao" cited any Chinese sources, nor did they mention the Chinese Vice Premier. "Uncle Biao" cited the White House as the source of China's commitment to continue buying 25 million tons annually for the next 3 years. 

"Uncle Biao" said the commitment had been fulfilled "on time," but the original announcement from the White House said the purchases would be made by the end of 2025 (3 weeks ago).

Both of the Chinese articles emphasized that purchases by China's State-owned companies COFCO and Sinograin had fulfilled the commitment and that most of the U.S. soybeans will go into national reserves, and that private Chinese companies continue to buy cheaper South American soybeans. Uncle Biao mentioned that 4 auctions since December have sold soybeans from reserves to make way for the American beans. (These auctions sold a cumulative 2 million metric tons.) He boasted that the purchases are a masterstroke of import diversification while simultaneously bolstering reserves to maintain national food security.

The Chinese Government's actions in orchestrating the purchases indicate that China's leadership really wants a trade deal with the U.S. But they do not want to acknowledge that they made the purchase commitment since they want to present themselves as having the upper hand in negotiations.