Tuesday, China purchased 2.74 million metric tons of U.S. soybeans for delivery in the 2011-12 marketing year. Agriculture Secretary Tom Vilsack says the sale was the single largest daily soybean sale since USDA began issuing daily sales reports in 1977. He said this is another strong sign that China continues to look to the United States as a reliable supplier of high-quality products.
"The U.S.-China trade relationship continues to flourish, thanks in large part to agriculture," Vilsack said. "This is great news not just for American soybean farmers but for the U.S. economy overall."
U.S. farm exports to China have grown nearly tenfold over the past decade, from $1.5 billion in fiscal year 2000 to $15 billion in 2010. Each $1 billion in exports supports 8,000 jobs throughout the supply chain, including rural growers, processors, shippers and others.
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