September 19, 2013

Chinese agricultural leaders buy $2.8 billion worth of US soy

Chinese agricultural leaders signed 13 contracts with US exporters to buy approximately US$2.8 billion worth of US soy this week, at the US Soy Global Trade Exchange in Davenport, Iowa.

In the last marketing year, the United States exported about 1.8 billion bushels of soy, valued at US$23 billion. Customers in China bought 850 million bushels of US soy last year, making the country the biggest international destination for U.S. soy.

During the event sponsored by the United Soybean Board, US Soybean Export Council and American Soybean Association, soy growers networked with international customers and solidified purchase agreements. More than 200 foreign trade delegates attended the event.

Kirk Leeds, chief executive officer of the Iowa Soybean Association, said the point of the event was to cultivate relationships with soy buyers, including China, and show purchasers the US transportation system.

Jim Stillman, chairman of the United Soybean Board, said also that the agreements affirm the quality of US soy.

"The United States continues to export so many soy products because our customers recognize the strength of our delivery system and the quality of our soybeans," says Danny Murphy, ASA president. "These agreements certainly prove the US Soy Global Trade Exchange was a success."