A Chinese delegation signed contracts on Sunday to purchase a large amount of U.S. soybeans. The contract is for the purchase of 460 million bushels of U.S. soy worth more than $5 billion. It’s a large increase from the $1 billion contract signed a year ago at this time. The delegation of Chinese buyers represents 11 different companies. China has a growing middle class that’s eating more meat and consuming more protein, plus it has the largest swine herd in the world. That makes China the number one customer for American soy. The Chinese demand for soy is large as it purchases more than 60 percent of all soybeans exported around the world. The United States Soybean Export Council’s China Director says this ceremony represents the value of the 2017 soybean crop, even before it’s harvested. They also called it evidence of the enhanced trade agreements between the two countries. USSEC Chair and Nebraska farmer Jim Miller says U.S. soybean farmers should be confident in the long-term demand for their product. “U.S. soybean farmers have done an exceptional job of meeting the global demands of their customers,” Miller says.
From the National Association of Farm Broadcasting News Service.
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