Trump-Xi Summit: China's Commitments Lag Behind Pledged Volumes

Ahead of the Trump-Xi summit on Thursday, China's soybean purchases are running at nearly half the pledged annual volume. Boeing orders for 200 aircraft remain opaque, and rare-earth shipments have slipped again.

According to Eric Xiao, head of sales for Asia at CMC Markets, 'the truce is moving fastest where it costs least.' Soybeans provide the clearest numerical signal of progress, with China buying roughly half of its 25 million ton annual commitment.

The rare-earth commitment, however, remains difficult to measure due to the promise concerning reliable access rather than a specified export volume. Chinese shipments of rare-earth magnets to the U.S. recovered after earlier restrictions but fell to 512 metric tons in August, down 20% from July and 13% from a year earlier.