China has inquired about buying US wheat, a signal that Beijing may be preparing to expand its purchases of American crops beyond soybeans following the presidential summit in September. State-owned crop trader Cofco Corp. has asked about US soft red winter wheat for delivery to China, according to people familiar with the matter. The shipments would be loaded in the new year, they said, declining to be named because they are not authorized to speak to the media.
The Chinese government is set to cut tariffs on a range of US agricultural products, including wheat, corn and sorghum, according to releases by both countries after President Donald Trump met with Chinese counterpart Xi Jinping. The reductions would be part of a plan to lower tariffs on about $30 billion of imports from each side. Cofco's inquiry is the first sign that the cuts could translate into new Chinese purchases of major grains. Calls seeking comment from the company in Beijing went unanswered, and an email was not immediately returned.
China has committed to buy at least $17 billion of US farm goods annually through 2028, along with a pledge to purchase at least 25 million tons of US soybeans a year over the same period. While Chinese state buyers have made steady progress on the soybean target, purchases of other goods have been much slower. The US has not sold any wheat or corn to China so far this marketing year.
China's own wheat supplies remain ample following another bumper harvest. Imports have picked up but remain well below previous levels, and overall demand has stayed subdued. The US Department of Agriculture forecasts China's wheat production at more than 140 million tons in 2026-27, with imports projected at 6 million tons, higher than a year earlier but still more than 50% below the record hit in 2023-24.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing