Chinese importers signed letters of intent to purchase 3.9 million metric tons of new crop U.S. Soy, valued at $1.78 billion, at a signing ceremony held in Indianapolis, Indiana on August 30.
USSEC CEO Jim Sutter welcomed Chinese importers and U.S. exporters to the ceremony.
USSEC Chairman Jim Miller said that China, as the world’s number one soybean consumer, and the U.S., as the number one soybean producer, play critical roles in world soybean trade. “It is our hope that a mutually beneficial and strengthened trade relationship between the industries of both countries will make an even greater contribution to global food security, food safety and a sustainable soy supply.”
After the ceremony, USSEC Vice Chairman Derek Haigwood expressed his congratulations on the business conducted. “Such a partnership has benefited food security, food safety and the sustainable supply of soy in China, and also benefited all stakeholders in the U.S. soybean value chain.
Mr. Sutter proposed a toast at the end of the ceremony to representatives of the whole soy value chain present. “May you all work together for the success of the soy industry and the Chinese industry.”