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Chinese Commit to Purchasing U.S. Soybeans at Global Trade Exchange
USAgNet - 10/18/2016

Chinese buyers have committed to purchase nearly $1.8 billion worth of U.S. soy about six weeks ago, totaling 146 million bushels of U.S. soybeans. The country made an even larger commitment last week, signing contracts worth $2.1 billion of U.S. soy, or 5.1 million tons.

The new commitments were signed at a ceremony held in Des Moines and attended by seven of the top Chinese buyers of U.S. soy, Chinese commerce officials, top Iowa state officials and representatives from the U.S. soy industry.

This year, U.S. soybean farmers are projected to export a record amount of soy and soy products, up from 62.88 million metric tons of soy and soy products, valued at $27.7 billion, in 2015.

International buyers are turning to U.S. soy for a variety of reasons, including its quality, sustainability and reliability, to name a few.

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