Fearing deflated China demand, US soybean growers pivot to new buyers and biofuel

US soybean growers are mitigating a significant decrease in exports to China by diversifying their markets. According to Scott Gerlt, chief economist for the American Soybean Association, growers are selling to third countries and the domestic biofuel sector. This strategy has helped limit production drops, despite China, typically the top buyer, only being on track to receive just over 12 million tonnes of last year's crop, far below its usual annual imports. This situation follows a November agreement where Beijing committed to buying at least 25 million tonnes of American soybeans annually through 2028, a commitment made after China ceased purchases during the US trade war.