Chinese to purchase 10 percent of US soybean crop
Chinese leaders made commitments to purchase US$4.31 billion worth of US soybeans; commitments totaling more than 8.62 million tonnes.
The China Chamber of Commerce for Import & Export of Foodstuffs, Native Produce and Animal By-products (CFNA) delegation, led by its president, Bian Zhenhu, signed 15 contracts with US companies that includeding ADM, AGP, Bunge, Cargill and CHS.
The signing ceremony was attended by US soybean industry representatives, USDA officials and Iowa state leaders and dignitaries, in addition to Chinese guests who included the Ministry of Commerce, People's Republic of China (MOFCOM) delegation headed by Assistant Minister Mr. Yu Jianhua and the Hebei Provincial Commercial Delegation.
The signing was welcomed by both Chinsese and US delegates, as a sign of an increasing mutualism between the two nations.
The U.S. produces approximately 35 percent of the world's soybeans. Since 1991, global soybean demand has increased 151 percent.
Soy is the leading US agricultural export with roughly 55 percent of the US soybean crop being exported. In 2011, the US exported some 40.86 million tonnes of soybean. Of that, 24.37 million tonnes (~60 %) went to China.
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