OMAHA (DTN) -- U.S. farmers got back their soybean sales to China for at least the next three years, based on announcements early Thursday.

China has again agreed to start buying 25 million metric tons (mmt) -- or 918 million bushels (mb) -- of U.S. soybeans. That will allow farmers, grain elevators and shipping infrastructure to begin more deliveries after spending the last few months trying to figure out where to store soybeans to avoid basis levels that were as much as $1.50 under the futures price.

The announced sales equal the same amount of soybeans China bought in the 2023-24 marketing year, which amounted to 54% of all soybean exports.

Treasury Secretary Scott Bessent said on Fox Business Network early Thursday that China agreed to buy at least 25 mmt (918 mb) each year for at least the next three years. Bessent also said other countries would buy at least 19 mmt (698 mb). That's a total commitment based on trade deals of 1.6 billion bushels (bb).

Bessent said China would buy 12 mmt (440 mb) between now and January.

November futures quickly jumped more than 19 cents a bushel in early trading after Bessent's announcement while January was up 18 cents a bushel.

President Donald Trump, flying back from his meeting with Chinese President Xi Jinping in South Korea, announced overnight that China's ban on buying U.S. agricultural products would end.

"We're in agreement on so many elements, large amounts, tremendous amounts of the soybeans and other farm products are going to be purchased immediately -- starting immediately. If you noticed, President Xi authorized China yesterday to start buying large quantities of soybeans and other things, which I appreciate. That was a very nice gesture," Trump told reporters on Air Force One.

Soybean exports peaked in the 2020-2021 market year at 61.5 mmt (2.26 bb), after the Phase 1 Deal with China signed near the end of Trump's first term. Exports fell in 2023-24 to 46 mmt (1.69 bb).

China moved earlier this week to buy at least three cargoes of soybeans, which was reflected in a basis change in the Pacific Northwest.

On social media, Trump repeated that China would buy "massive amounts of soybeans, sorghum and other farm products." Trump added on social media, "Our Farmers will be very happy! In fact, as I once said before my first Administration, Farmers should immediately go out and buy more land and larger tractors."

Trump's social media post also highlighted work to stop the flow of fentanyl into the country and China also agreeing to buy U.S. energy.

Soybeans and other agricultural products were caught up in months of tariff disputes between the two countries that began when President Trump placed tariffs on China over fentanyl.

As part of Thursday's talks, the U.S. will cut tariffs on China by 10%, which would still put U.S. tariffs on Chinese imports at 47%. China also agreed to suspend measures that threatened the global supply chain of rare earth minerals.

Chris Clayton can be reached at Chris.Clayton@dtn.com

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