BEIJING: Chicago grain and oilseed futures rose on Monday after the White House said China had committed to buying at least USD17 billion of US agricultural products in the next three years.
The most-active soybean contract on the Chicago Board of Trade (CBOT) gained 1.6percent to USD11.95-1/2 a bushel by 0317 GMT. Wheat climbed 2.6percent to USD6.52-1/2 a bushel, while corn rose 2.4percent to USD4.66-1/2 a bushel.
China made the commitment during meetings between US President Donald Trump and Chinese President Xi Jinping last week, the White House said in a fact sheet released on Sunday.
The USD17 billion purchase will not include the soybean buying commitments China made in October 2025, the White House said. Markets were not anticipating that Beijing would raise the soybean target beyond 25 million metric tons.
“The White House announcement signals potential increases of Chinese buying of US corn, wheat and sorghum besides meat products,” said a Beijing-based analyst, who asked not to be named due to the sensitivity of the matter.
China’s farm imports from the US still face an additional 10percent levy after last year’s rounds of tit-for-tat tariffs sharply curtailed trade, which fell 65.7percent year-on-year to USD8.4 billion in 2025, according to US Department of Agriculture data.
The Chinese commerce ministry said on Saturday that both sides aim to promote two-way trade, including in agricultural products, through measures such as reciprocal tariff reductions across a range of goods. It did not specify which products.
China resumed purchases of some US farm goods after an October meeting, fulfilling a US-stated commitment to buy 12 million tons of soybeans by the end of February. It has also purchased some US wheat cargoes and large volumes of sorghum.