Minnesota farmers cheer soybean deal

The latest: Soybean futures rose more than 1% after Bessent announced China's promise to buy 12 million metric tons this season, and 25 million metric tons in each of the next three years.

What they're saying: Southwest Minnesota soybean farmer Bob Worth told Axios the deal is "fantastic ... but I wish it would have come in August or the first part of September."

• He was able to get a price close to what he got last year, but others had to pay for storage, which he said was expensive and added to the financial distress facing many farmers, especially young ones.
• The deal, though, has him optimistic that prices will rise next year.

What we're watching: Before the deal, some Minnesota farmers and economists worried that China may no longer be "that one big customer again," as the Star Tribune put it.

• Even with the deal, the damage may have already been done. The Minnesota Soybean Growers Association told Axios that the state's exports to China have downshifted since the tariff war of 2018 and 2019.

Go deeper: More on the deal