July 18, 2017

19/07/2017: Chinese buyers sign contracts for more than $5 billion of US soy

A trade delegation from China made significant purchasing agreements on July 13, signing contracts for 460 million bushels of US Soy worth more than $5 billion at a USSEC-hosted event in Des Moines, Iowa

This amount is more than $1 billion more than contracts signed at similar events last year and is a near-record amount.

The delegation represents Chinese buyers from more than 11 companies, who were hosted by USSEC with support from the United Soybean Board (USB), AmericanSoybean Association (ASA), and Iowa Soybean Association (ISA).

Wang Yunchao, general manager of COFCO Oils and Fats, shakes hands with Aaron Christie, of CHS Europe SARL, after signing purchase agreements for US soybeans Thursday in Des Moines.
Image credit:  Joseph L. Murphy/Iowa SoybeanAssociation

The trade delegation was 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 world’s largest swineherd and a growing middle class eating more meat and consuming more protein, China remains US Soy’s number one customer. The country buys more than 60 percent of all soybeans exported worldwide.

“The US Soy industry has a rich, 35-year history working with Chinese industries,” says Xiaoping Zhang, USSEC Country Director–China.

“This week’s event, and the participation of Bian Zhenhu and the CFNA, symbolises the value of US soybean farmers’ 2017 crop, before it’s even harvested – and is evidence of the enhanced trade agreements between the two countries.”

China’s preference for US Soy can be attributed in large part to the US Soy Advantage, including exceptional composition, a consistent supply and a sustainable product.

“US 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.

“US 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 week’s ceremony in Iowa. “We buy US soybeans because they are sustainable and backed by reliable support,” says Chinese delegation member Jeffrey Zu, who participated in the signing ceremony.

Visit the USSEC website, HERE.

The Global Miller
This blog is maintained by The Global Miller staff and is supported by the magazine Milling and Grain
which is published by Perendale Publishers Limited.

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