Treasury Secretary Scott Bessent says China has agreed to purchase 25 million metric tons of U.S. soybeans annually as part of an agreement reached by its leaders

U.S. Treasury Secretary Scott Bessent said on Thursday that China has agreed to buy 12 million metric tons of American soybeans during the current season through January, down from 22.5 million tons in the prior season after a months-long tariff battle halted all purchases of the current U.

Mark Schultz with Northstar Commodity says in response to the China deal the soybean market pushed into new highs for the move with January finally closing above the $11 mark.

China intends to purchase oil and gas from the United States, President Donald Trump said after meeting Chinese President Xi Jinping on Thursday. Trump wrote on his social media platform Truth Social that China would "begin the process of purchasing American energy.