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 US$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. Read more...
This blog is written by Martin Little The Global Miller, published and supported by the GFMT Magazine from Perendale Publishers.
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