Minnesota farmers say they're cautiously optimistic following Trump soybean deal
Minnesota farmers say they're cautiously optimistic after President Donald Trump announced a deal with Beijing to buy more soybeans.
"They're going to be buying millions of dollars of soybeans," Trump touted aboard Air Force One as he returned from a summit in China.
U.S. soybean exports to China have dropped from 41% in 2016 to 15% in 2025 as China increased purchases from Brazil and other countries due to trade issues and tariffs with the U.S.
Dave Pfarr, a longtime farmer near Le Sueur, Minnesota, says he's hoping to sell more soybeans to China. Right now, the price of land, rent, equipment, fertilizer and fuel costs have Minnesota farmers struggling with thin margins.
"We would love to get [China] back as a customer, speaking for producers. Because they are a big importer of our proteins, primarily soybeans and soybean meal," said Dave Pfarr.
He says selling more soybeans in coming years would be a big win for the farming community.
"Any increase in that amount is going to look good in the USGA numbers. And it's going to influence the basic demand for the product," Dave Pfarr said.
While details are still somewhat vague, U.S. officials have been focusing on getting China to agree to buy 25 million metric tons of soybeans annually, for the next few years.
Experts said that's more than double what China bought last year.
And the timing could be good for other reasons. The USDA is predicting this year farmers will yield the second-largest soybean harvest on record.
"The way I describe it to my wife is a lot of excitement. It's a new beginning, right? So, it's always fun getting planted and seeing the crop come up," said Chris Pfarr of Centrol Crop Consulting.
U.S. Trade Representative Jamison Greer said he expects China to buy billions of dollars worth of U.S. farm goods over the next three years, which would include a variety of agricultural products in addition to soybeans.