Chinese buyers have begun some modest purchases of U.S. wheat and sorghum as China’s cabinet on Wednesday announced it will suspend a 24% retaliatory tariff on U.S. goods and roll back duties of up to 15% on some American agriculture shipments starting Nov. 10, while retaining a 10% base levy.
The move, unveiled after high-level talks between the United States and China, signals a thaw in agricultural trade tensions. But for key U.S. exports such as soybeans, the benefit remains muted: Beijing will keep a 13% duty on U.S. soybeans, making them less competitive than Brazilian supplies.
Reuters reports U.S. soybean futures responded positively, reaching their highest level since June 2024 on hopes of renewed Chinese demand.
Traders caution, however, that significant recovery in U.S. shipments hinges on China lifting the remaining premium.
