Bunge Global Stock and Archer Daniels Rise as Trump Takes Aim at China in Cooking Oil Dispute

China was the largest buyer of U.S. soybeans in 2024, but orders have dropped off sharply amid escalating trade tensions. (Scott Olson/Getty Images)

Key Points

• President Donald Trump threatens ‘retribution’ over China’s decision to stop buying American soybeans, calling it an ‘Economically Hostile Act.’
• Shares of soybean exporters Bunge Global and Archer Daniels Midland rise following Trump’s statements.
• China, which purchased nearly half of all U.S. soybean exports in 2024, has not bought U.S. soybeans since May 2025.

Shares of soybean exporters and processors rose on Wednesday after President Donald Trump threatened “retribution” over China’s decision not to buy the crop from American farmers.

Bunge Global stock surged 11% to $91.56, putting it on pace for the highest close since October 2024, according to Dow Jones Market Data. Bunge was the S&P 500’s best performing stock in afternoon trading.

Archer Daniels Midland , which trades and processes crops including soybeans, gained 1.4% to $62.70, though shares rose as high as $64.57.

Trump brought up soybeans in a Truth Social post on Monday.

“I believe that China purposefully not buying our Soybeans, and causing difficulty for our Soybean Farmers, is an Economically Hostile Act,” Trump wrote.

The president indicated the administration was weighing a cooking oil embargo, writing that ending business with China “having to do with Cooking Oil, and other elements of Trade” was a possible form of “retribution.”

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China, once the top buyer of U.S. soybeans, has been canceling orders this year as trade tensions escalate. The country purchased nearly half of all U.S. soybean exports in 2024.

However, U.S. soybeans now face a 23% tariff entering China, “making them uncompetitive in the commercial market,” according to the Agriculture Department.

China hasn’t purchased U.S. soybeans since May 2025 and, as of Sept. 11, “had not made any purchases of new crop soybeans,” or soybeans that had yet to be harvested, the agency said. The country has made “record purchases” from Brazil since the start of the South American shipping season.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com