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Chinese Ag Leaders Ink $2.8B in Soy Deals

Soy Checkoff-sponsored global exchange facilitates Chinese grain purchases this week

Published on: Sep 17, 2013

During the U.S. Soy Global Trade Exchange in Davenport, Iowa, this week, Chinese agricultural leaders signed 13 contracts with U.S. exporters to buy approximately $2.8 billion worth of U.S. soy.

During the event, which more than 200 foreign trade delegates attended, soy growers networked with international customers and solidified purchase agreements.

This year is the first time the sponsoring organizations – the United Soybean Board, U.S. Soybean Export Council and American Soybean Association – have hosted the exchange in Iowa. Kirk Leeds, chief executive officer of the Iowa Soybean Association, said the point of the event was to cultivate relationships with soy buyers, including China, and show purchasers the U.S. transportation system.

Soy Checkoff-sponsored global exchange facilitates Chinese grain purchases this week
Soy Checkoff-sponsored global exchange facilitates Chinese grain purchases this week

Jim Stillman, chairman of the United Soybean Board, said also that the agreements speak to the quality of U.S soy.

"The U.S. soy industry is committed to meeting the demands of our customers, and we are doing that by growing the best crops we can," Stillman said.

In the last marketing year, the United States exported about 1.8 billion bushels of soy, valued at $23 billion. Customers in China bought 850 million bushels of U.S. soy last year, or more than one out of every four rows grown, making the country the biggest international destination for U.S. soy.

"The United States continues to export so many soy products because our customers recognize the strength of our delivery system and the quality of our soybeans," says Danny Murphy, ASA president. "These agreements certainly prove the U.S. Soy Global Trade Exchange was a success."