BEIJING/SINGAPORE, Nov 26 — China has recently purchased at least 10 cargoes of U.S. soybeans, valued at around $300 million, based on contracts signed since Tuesday, according to two traders familiar with the transactions. This surge in purchases follows a phone conversation between the presidents of the two countries.

These sizable buys reflect a renewed interest in U.S. soybeans as trade relations between China and the U.S. appear to be improving. Following a call with Chinese President Xi Jinping, U.S. President Donald Trump described the relationship as “extremely strong" and mentioned that he urged Xi to boost purchases of U.S. goods, to which Xi reportedly agreed.

One trader noted that China acquired about 12 cargoes, while another estimated the total to be between 10 and 15; each cargo ranges from 60,000 to 65,000 metric tons.

All cargoes are set for shipment in January from terminals on the U.S. Gulf Coast and ports in the Pacific Northwest, as per the sources.

Interestingly, these purchases come even though U.S. soybeans are priced higher than those from Brazil.

China paid approximately $2.3 per bushel over the January Chicago futures contract for shipments from the Gulf and a premium of $2.2 per bushel from the Pacific Northwest. These prices are notably higher compared to Brazilian soybeans, which are at around $1.8 per bushel over the January CBOT futures, according to traders.

“ Buyers are still wary of U.S. soybean imports since prices exceed those of Brazilian beans. At this rate, processing margins aren’t profitable,” stated Johnny Xiang, the founder of AgRadar Consulting in Beijing.

China had mostly avoided U.S. soybeans for several months due to a tense trade situation but has recently increased its purchases following talks between the countries' leaders in late October.

The state-run grain buyer COFCO has been the main player in these purchases, securing nearly 2 million tons of U.S. soybeans since the end of October, as reported by the U.S. Department of Agriculture.

However, the recent purchases still fall short of the 12 million tons outlined by the White House.

U.S. Treasury Secretary Scott Bessent mentioned on Tuesday that the pace of Chinese purchases of American soybeans is “right on schedule.” He referred to an agreement for China to buy 87.5 million tons of U.S. soybeans over the next three-and-a-half years.