China buys first U.S. soybean cargoes ahead of Trump-Xi summit

China’s state-owned COFCO Corporation purchased three U.S. soybean cargoes — about 180,000 metric tons — the country’s first such buys from the current U.S. harvest. The order precedes a planned summit between Donald Trump and Xi Jinping in South Korea, and is seen as a symbolic gesture amid trade-tension negotiations. While the volume is modest compared with China’s total imports, the move reinvigorates hopes of a broader agricultural deal. Traders cautioned that a sustained uptick in demand remains uncertain given South American competition and pricing pressures.