The US Soybean Export Council (USSEC) said China prefers US soy as evidenced by the purchase of more than US$5 billion worth of the grain this month.
On July 13, a Chinese trade delegation in the US signed purchase contracts for 460 million bushels of US soy worth more than $5 billion, an amount that is around $1 billion more than contracts signed last year and which is a near-record amount[RA1] .
The delegation represented more than 11 companies, and was hosted by the US Soybean Export Council (USSEC) with support from the United Soybean Board, American Soybean Association and Iowa Soybean Association.
According to the USSEC, China remains as the No. 1 customer of US soy, buying more than 60% of all US soybeans exported worldwide.
"The US soy industry has a rich, 35-year history working with Chinese industries", said Xiaoping Zhang, USSEC country director-China.
He added that the participation of the China Chamber of Commerce for Import and Export of Foodstuffs, Native Produce and Animal By-products (CFNA), which is led by Bian Zhenhu,
"symbolizes 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".
USSEC said China prefers US soy because of its exceptional composition and consistent supply, among others.
"US soybean farmers have done an exceptional job of rising to meet the demands of their global customers, from sustainability to compositional quality", said USSEC chairman and Nebraska soybean farmer Jim Miller.