China cancels all orders, Trump searches for buyers around the world

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U.S. media reported that although agricultural production has hit a record this year, farmers may have nowhere to sell their agricultural products, and "farmers' loyalty to the Trump (government) is about to be tested." The British "Financial Times" also reported that the United States has full soybean warehouses this year, but prices have fallen, making it difficult for farmers to make ends meet. “Overseas sales of America’s top agricultural export have plummeted, causing a ‘devastating blow’ to American farmers.”

At present, U.S. soybeans have entered the harvest season. U.S. soybean farmers admit frankly that due to the backlash of the tariff war, American rural areas are currently in huge difficulties.

American Farmer Chris Gould: Rural America is currently suffering tremendous pain. China has always been the number one buyer of our soybeans, and a large portion of our soybeans are sold to China. However, when we (the United States) started disrupting international trade, China started looking for other sources of supply.

Soybeans are vital to U.S. agriculture and agricultural exports. According to data from the United States Department of Agriculture, soybeans ranked first in U.S. agricultural exports with an export value of US.58 billion in 2024, accounting for 14% of total agricultural exports.

China was previously the largest buyer of U.S. soybeans, purchasing .64 billion worth of soybeans in 2024, accounting for more than half of total U.S. soybean exports. US media said that since May 2025, China has never purchased a single soybean from the United States.

U.S. Soybean Farmers: It's very frustrating, we do our best to grow good crops to feed global demand but can barely sell them.

According to US media reports, the White House planned to launch an agricultural subsidy plan this week, allocating US billion to US billion to assist farmers whose livelihoods are struggling due to the impact of the tariff war. However, due to the government shutdown, this subsidy has been delayed, and the program will not be released in the short term.

American Soybean Farmer: I am facing the worst situation of my life.

As soybean prices plummet, U.S. soybean farmers are doing everything they can to stay afloat, even planning to sell equipment. Iowa's Joel Tractor Co. has seen a 30 percent increase in the number of farm machines up for auction this year.

US media reporter: If both sides do not make concessions and China does not purchase soybeans (from the United States), where will the soybeans harvested this year be sold?

Grant Gardner, a cereal crop expert at the University of Kentucky: The United States will face the dilemma of unsalable soybean products.

According to Hong Kong’s South China Morning Post, in addition to China, major buyers of U.S. soybeans include Mexico, the European Union, Japan and Indonesia. Now Chinese orders are shifting to Brazil and Argentina. The United States is urging African and Asian countries to increase purchases. Trump's team is even pushing into markets such as India. However, these new market expansion actions cannot fill the gap in the Chinese market.

In a statement released in September, Ragland, president of the American Soybean Association, called on the Trump administration to "prioritize ensuring an immediate soybean agreement with China."

While the White House is waging a tariff war at the expense of farmers, other agricultural exporters are taking the opportunity to seize U.S. market share.

In July 2025, Brazil introduced a policy to establish an exclusive soybean supply chain and encourage farmers to increase their export share to China through customized varieties and processes. On September 22, Argentina announced that export taxes on agricultural products such as soybeans and soybean meal would be zeroed.

According to a report on the Hong Kong "South China Morning Post" website on September 30, Argentina's soybean export orders surged to a seven-year high in September as Chinese importers purchased millions of tons of soybeans during the short-term suspension of Argentina's export taxes. More than half of its recent demand comes from South America. Export taxes on soybeans, as well as soybean oil and soybean meal, which were once as high as 26% and 24.5% respectively, have been reduced to zero, resulting in sales reaching billion in just two days after the announcement.

On the 8th local time, the Brazilian National Grain Exporters Association predicted that Brazil’s total soybean exports from January to October 2025 will exceed 100 million tons, reaching 102.2 million tons, exceeding the previous high record set in 2023. It is expected that Brazil’s total soybean exports in 2025 will reach 110 million tons.

Data from the association shows that China is the main export destination for Brazilian soybeans. So far this year, 79.9% of Brazil’s soybeans have been exported to China; 6.5 million tons of soybeans were exported to China in September, accounting for 93% of the total exports that month.

According to reference news, foreign media reported on October 3 that China and Brazil will jointly create an investment fund for the first time. Bloomberg reported on the 2nd, quoting a statement, that Brazil’s National Economic and Social Development Bank and China’s Export-Import Bank agreed to jointly create a fund to invest in areas such as energy transition, infrastructure, mining, agriculture and artificial intelligence.

The new investment fund will invest in Brazilian bonds and equities, according to the statement. Brazil's National Bank for Economic and Social Development and the Export-Import Bank of China have signed documents related to the establishment of new funds for cooperation.