U.S. Trade Representative Jamieson Greer just dropped some numbers on China's soybean buying spree. Turns out they've hit roughly one-third of what they promised to purchase this growing season. Not exactly racing ahead, but not completely stalling either.

This matters more than you might think. Agricultural commodity flows signal broader trade health between the world's two largest economies. When purchase commitments lag, it ripples through commodity markets, currency pairs, and eventually risk assets across the board. Soybean deals aren't just about farmers—they're economic bellwethers.

Keep an eye on whether Beijing accelerates purchases or if this third-mark becomes the plateau. Trade friction has a funny way of bleeding into macro sentiment, and macro sentiment? That's what moves markets.