Chinese Buyers Purchase Near-Record Amount of U.S. Soy
A trade delegation from China made significant purchasing agreements yesterday, signing contracts for 460 million bushels of U.S. Soy worth more than $5 billion. This is more than $1 billion more than contracts signed at similar events last year.
The delegation represents Chinese buyers from more than 11 companies. They are being hosted by the U.S. Soybean Export Council (USSEC), with support from the United Soybean Board, American Soybean Association and Iowa Soybean Association. The trade delegation is led by Bian Zhenhu, president of the China Chamber of Commerce for Import and Export of Foodstuffs, Native Produce and Animal By-products (CFNA).
With the worlds largest swine herd and a growing middle class eating more meat and consuming more protein, China remains the No. 1 customer for U.S. Soy. The country buys more than 60 percent of all soybeans exported worldwide.
"The U.S. Soy industry has a rich, 35-year history working with Chinese industries," says Xiaoping Zhang, USSEC Country DirectorChina. "This weeks event, and the participation of Bian Zhenhu and the CFNA, symbolizes the value of U.S. soybean farmers 2017 crop, before its even harvested and is evidence of the enhanced trade agreements between the two countries."
China's preference for U.S. Soy can be attributed in large part to the U.S. Soy Advantage, including exceptional composition, a consistent supply and a sustainable product.
"U.S. soybean farmers can feel confident in the long-term, global demand that exists for the products they grow," says USSEC chairman and Nebraska soybean farmer Jim Miller. "U.S. soybean farmers have done an exceptional job of rising to meet the demands of their global customers, from sustainability to compositional quality. This commitment shows our global customers are taking notice."
And taking notice they are, as participants traveled 7,500 miles to attend this weeks ceremony in Iowa.
"We buy U.S. soybeans because they are sustainable and backed by reliable support," says Chinese delegation member Jeffrey Zu, who participated in the signing ceremony.
The U.S. Soybean Export Council connects U.S. soybean farmers with opportunities to improve human nutrition, livestock production and aquaculture. This mission is accomplished with a science-based technical foundation and a global network of partnerships including soybean farmers, exporters, agribusiness and agricultural organizations, researchers and government agencies.
Story source: US Soybean Export Council release