Chinese Delegation Purchases Soybeans
Contracts for soybean sales signed in ceremony held in Chicago.
Jason Vance
Published: Jan 21, 2011
On Thursday, a delegation of Chinese officials representing the ten largest soybean crushers in China signed contracts to purchase 110 million bushels of U.S. soybeans. According to the United Soybean Board, which hosted the ceremony in Chicago, these contracts are worth $1.8 billion. This signing represents the second largest single-day export sale of soybeans, eclipsed only by a sale in 2008.
"This is a huge event for U.S. soybean farmers," said Jim Call, United Soybean Board International Marketing chair. "This isn't something that happens everyday and it just goes to show that the commitment between the U.S. soybean industry and China is continuing."
A number of U.S. exporting companies also participated in the signing ceremony, including ADM, Cargill and CHS. Illinois Governor Patrick Quinn also attended, as did U.S. Trade Representative Ron Kirk.
Call says USB was just one cog in the whole wheel of putting this event together and he commended them for coming together to accomplish this.
"We're really proud to be a part of this and proud that U.S. farmers benefit from it," Call said. "We've been bringing trade teams, either American farmers going over to China or bringing industry representatives from China over to visit our farms for quite a number of years. That relationship has always paid off and will continue to do that in the future."
The delegation will be negotiating more contracts in Chicago on Friday.
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Tagged: soybean, soybeans, United Soybean Board, USB
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