Chinese Buyers Purchase Near-Record Amount of U.S. SoyUSAgNet - July 17, 2017
A trade delegation from China made significant purchasing agreements yesterday, signing contracts for 460 million bushels of U.S. Soy worth more than $5 billion. This is more than $1 billion more than contracts signed at similar events last year.
The delegation represents Chinese buyers from more than 11 companies. They are being hosted by the U.S. Soybean Export Council (USSEC), with support from the United Soybean Board, American Soybean Association and Iowa Soybean Association. The trade delegation is 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 swine herd and a growing middle class eating more meat and consuming more protein, China remains the No. 1 customer for U.S. Soy. The country buys more than 60 percent of all soybeans exported worldwide.
"The U.S. 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, symbolizes the value of U.S. 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 U.S. Soy can be attributed in large part to the U.S. Soy Advantage, including exceptional composition, a consistent supply and a sustainable product.